Credit Suisse is closing the Neue Aargauer Bank (NAB) – a regional Swiss bank and a Credit Suisse subsidiary. Some NAB employees and branch offices will be integrated into Credit Suisse.
1. How many branch offices will remain open?
Currently, there are 30 Credit Suisse and NAB branch offices in the Canton of Aargau. Only 12 of these branch offices will remain in operation. Employees will be affected by the merger and it is likely that many will be made redundant.
2. Why is Credit Suisse phasing out the Neue Aargauer Bank?
Credit Suisse justifies the closing of the NAB by citing changes in demand from customers. Customers are increasingly using digital banking solutions and demand for branch offices has fallen. In response, Credit Suisse is shuttering many branch offices across Switzerland.
The NAB was already 100% owned by Credit Suisse, but operated largely independently with its own offices. The full integration of the bank into Credit Suisse will result in cost savings.
3. What will happen to NAB branch offices?
The NAB is being fully integrated into Credit Suisse. NAB branch offices which remain open will operate as Credit Suisse branch offices.
4. When will the NAB close down?
Credit Suisse responded to an inquiry by moneyland.ch by stating the NAB will be fused with Credit Suisse (Switzerland). Subject to the necessary approval from FINMA, the fusion will come into effect at the end of November 2020 and be complete by the second quarter of 2021.
5. How much longer will NAB products be available to new customers?
NAB products will only be offered to new customers until the fusion comes into effect. Credit Suisse expects this to happen at the end of November 2020.
6. Will existing NAB customers be able to keep their NAB products?
Credit Suisse says that accounts at the Neue Aargauer Bank as well as all other NAB products (including mortgages) will be transferred to Credit Suisse (Switzerland) when the fusion comes into effect – tentatively at the end of November 2020. As most cases, NAB products will remain unchanged after they are migrated to Credit Suisse until the expiry of their contract terms.
This means that existing NAB customers will can keep their existing banking services with the existing pricing and conditions. But with the exception of contracts which have clearly-defined terms, it is not clear exactly how long this will apply. It is likely that at some point, existing NAB products will be migrated to similar Credit Suisse products.
Currently, the pricing and conditions of many NAB products like savings accounts, cards, bank packages and private accounts differ from their Credit Suisse counterparts.
7. What options do NAB customers have?
Over the remainder of 2020, Credit Suisse will likely offer NAB customers its own products in order to encourage them to migrate voluntarily.
The closing of the Neue Aargauer Bank provides customers with an opportunity to review their existing banking solutions and to compare all products offered in Switzerland. The leading unbiased banking comparisons on moneyland.ch lets you find the best available solutions quickly and completely free of charge. Depending on your needs, there may be other banks which charge much less for the same services.
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