6-K 1 a201029.htm 6-K 6-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
October 29, 2020
Commission File Number 001-15244
Credit Suisse Group AG
(Translation of registrant’s name into English)
Paradeplatz 8, 8001 Zurich, Switzerland (Address of principal executive office)
Commission File Number 001-33434
Credit Suisse AG
(Translation of registrant’s name into English)
Paradeplatz 8, 8001 Zurich, Switzerland (Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
   Form 20-F      Form 40-F   
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.



Explanatory note
On October 29, 2020, the Credit Suisse Financial Report 3Q20 was published. A copy of the Financial Report is attached as an exhibit to this report on Form 6-K. This report on Form 6-K (including the exhibits hereto) is hereby (i) incorporated by reference into the Registration Statement on Form F-3 (file no. 333-238458) and the Registration Statements on Form S-8 (file nos. 333-101259, 333-208152 and 333-217856), and (ii) shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended, except, in the case of both (i) and (ii), (a) the sections of the attached Financial Report entitled “Investor information” and “Financial calendar and contacts” shall not be incorporated by reference into, or be deemed “filed”, with respect to any such Registration Statements, (b) the information under “Group and Bank differences” and “Selected financial data – Bank” shall not be incorporated by reference into, or be deemed “filed”, with respect to the Registration Statements on Form S-8 (file nos. 333-101259, 333-208152 and 333-217856) and (c) the section of the attached Financial Report entitled “II – Treasury, risk, balance sheet and off-balance sheet – Capital management – Bank regulatory disclosures” shall not be incorporated by reference into, or be deemed “filed”, with respect to the Registration Statements on Form S-8 (file nos. 333-101259, 333-208152 and 333-217856).
Credit Suisse Group AG and Credit Suisse AG file an annual report on Form 20-F and file quarterly reports, including unaudited interim financial information, and furnish or file other reports on Form 6-K with the US Securities and Exchange Commission (SEC) pursuant to the requirements of the Securities Exchange Act of 1934, as amended. The SEC reports of Credit Suisse Group AG and Credit Suisse AG are available to the public over the internet at the SEC’s website at www.sec.gov. The SEC reports of Credit Suisse Group AG and Credit Suisse AG are also available under “Investor Relations” on Credit Suisse Group AG’s website at www.credit-suisse.com and at the offices of the New York Stock Exchange, 20 Broad Street, New York, NY 10005.
Unless the context otherwise requires, references herein to “Credit Suisse Group,” “Credit Suisse,” “the Group,” “we,” “us” and “our” mean Credit Suisse Group AG and its consolidated subsidiaries and the term “the Bank” means Credit Suisse AG, the direct bank subsidiary of the Group, and its consolidated subsidiaries.
SEC regulations require certain information to be included in registration statements relating to securities offerings. Such additional information for the Group and the Bank is included in this report on Form 6-K, which should be read together with the Group’s and the Bank’s annual report on Form 20-F for the year ended December 31, 2019 (Credit Suisse 2019 20-F) filed with the SEC on March 30, 2020, the Group’s financial report for the first quarter of 2020 (Credit Suisse Financial Report 1Q20), filed with the SEC on Form 6-K on May 7, 2020, the Group’s financial report for the second quarter of 2020 (Credit Suisse Financial Report 2Q20), filed with the SEC on Form 6-K on July 30, 2020, and the Group’s financial report for the third quarter of 2020 (Credit Suisse Financial Report 3Q20), filed with the SEC as Exhibit 99.1 hereto.
This report filed on Form 6-K also contains certain information about Credit Suisse AG relating to its results as of and for the three and nine months ended September 30, 2020. Credit Suisse AG, a Swiss bank and joint stock corporation established under Swiss law, is a wholly-owned subsidiary of the Group. Credit Suisse AG’s registered head office is in Zurich, and it has additional executive offices and principal branches in London, New York, Hong Kong, Singapore and Tokyo.
References herein to “CHF” are to Swiss francs.
Forward-looking statements
This Form 6-K and the information incorporated by reference in this Form 6-K include statements that constitute forward-looking statements. In addition, in the future the Group, the Bank and others on their behalf may make statements that constitute forward-looking statements.
When evaluating forward-looking statements, you should carefully consider the cautionary statement regarding forward-looking information, the risk factors and other information set forth in the Credit Suisse 2019 20-F, subsequent annual reports on Form 20-F filed by the Group and the Bank with the SEC, the Group’s and the Bank’s reports on Form 6-K furnished to or filed with the SEC, and other uncertainties and events.
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Group and Bank differences
The business of the Bank is substantially the same as the business of the Group, and substantially all of the Bank’s operations are conducted through the Swiss Universal Bank, International Wealth Management, Asia Pacific and the Investment Bank. Certain Corporate Center activities of the Group, such as hedging activities relating to share-based compensation awards, are not applicable to the Bank. Certain other assets, liabilities and results of operations, primarily relating to Credit Suisse Services AG (our Swiss service company) and its subsidiary, are managed as part of the activities of the Group’s segments. However, they are legally owned by the Group and are not part of the Bank’s consolidated financial statements.
For further information on the differences between the Group and the Bank, refer to “Note 34 – Subsidiary guarantee information” in III – Condensed consolidated financial statements – unaudited in the Credit Suisse Financial Report 3Q20.
Comparison of consolidated statements of operations
   Bank Group Bank Group
in 3Q20 3Q19 3Q20 3Q19 9M20 9M19 9M20 9M19
Statements of operations (CHF million)   
Net revenues 5,228 5,369 5,198 5,326 17,243 16,480 17,168 16,294
Total operating expenses 4,344 4,262 4,301 4,112 12,917 13,006 12,655 12,610
Income before taxes 790 1,035 803 1,142 3,372 3,296 3,555 3,506
Net income 540 808 545 886 2,878 2,368 3,016 2,572
Net income attributable to shareholders 542 800 546 881 2,876 2,353 3,022 2,567
Comparison of consolidated balance sheets
   Bank Group
end of 3Q20 4Q19 3Q20 4Q19
Balance sheet statistics (CHF million)   
Total assets 824,360 790,459 821,296 787,295
Total liabilities 774,999 743,696 775,296 743,581
Capitalization and indebtedness
   Bank Group
end of 3Q20 4Q19 3Q20 4Q19
Capitalization and indebtedness (CHF million)   
Due to banks 19,106 16,742 19,109 16,744
Customer deposits 389,419 384,950 388,264 383,783
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 30,761 27,641 30,667 27,533
Long-term debt 163,514 151,000 164,396 152,005
All other liabilities 172,199 163,363 172,860 163,516
Total liabilities  774,999 743,696 775,296 743,581
Total equity 49,361 46,763 46,000 43,714
Total capitalization and indebtedness  824,360 790,459 821,296 787,295
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BIS capital metrics
   Bank Group
end of 3Q20 4Q19 3Q20 4Q19
Capital and risk-weighted assets (CHF million)   
CET1 capital 42,225 41,933 37,086 36,774
Tier 1 capital 56,538 54,024 52,327 49,791
Total eligible capital 57,551 56,958 53,340 52,725
Risk-weighted assets 285,924 290,843 285,216 290,463
Capital ratios (%)   
CET1 ratio 14.8 14.4 13.0 12.7
Tier 1 ratio 19.8 18.6 18.3 17.1
Total capital ratio 20.1 19.6 18.7 18.2
4Q19 amounts are shown on a look-through basis.
Selected financial data – Bank
Condensed consolidated statements of operations
in 3Q20 3Q19 % change 9M20 9M19 % change
Condensed consolidated statements of operations (CHF million)   
Interest and dividend income 3,234 5,328 (39) 11,101 15,804 (30)
Interest expense (1,831) (3,541) (48) (6,594) (10,462) (37)
Net interest income 1,403 1,787 (21) 4,507 5,342 (16)
Commissions and fees 2,849 2,754 3 8,665 8,237 5
Trading revenues 605 128 373 2,710 1,215 123
Other revenues 371 700 (47) 1,361 1,686 (19)
Net revenues  5,228 5,369 (3) 17,243 16,480 5
Provision for credit losses  94 72 31 954 178 436
Compensation and benefits 2,154 2,154 0 6,574 6,763 (3)
General and administrative expenses 1,824 1,783 2 5,319 5,291 1
Commission expenses 295 325 (9) 953 952 0
Restructuring expenses 71 – – 71 – –
Total other operating expenses 2,190 2,108 4 6,343 6,243 2
Total operating expenses  4,344 4,262 2 12,917 13,006 (1)
Income before taxes  790 1,035 (24) 3,372 3,296 2
Income tax expense/(benefit) 250 227 10 494 928 (47)
Net income  540 808 (33) 2,878 2,368 22
Net income/(loss) attributable to noncontrolling interests (2) 8 – 2 15 (87)
Net income attributable to shareholders  542 800 (32) 2,876 2,353 22
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Selected financial data – Bank (continued)
Condensed consolidated balance sheets
end of 3Q20 4Q19 % change
Assets (CHF million)   
Cash and due from banks 136,962 101,044 36
Interest-bearing deposits with banks 1,164 673 73
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 97,328 106,997 (9)
Securities received as collateral 45,064 40,219 12
Trading assets 157,909 153,895 3
Investment securities 464 1,004 (54)
Other investments 5,744 5,634 2
Net loans 299,192 304,025 (2)
Goodwill 3,891 3,960 (2)
Other intangible assets 256 291 (12)
Brokerage receivables 40,229 35,648 13
Other assets 36,157 37,069 (2)
Total assets  824,360 790,459 4
Liabilities and equity (CHF million)   
Due to banks 19,106 16,742 14
Customer deposits 389,419 384,950 1
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 30,761 27,641 11
Obligation to return securities received as collateral 45,064 40,219 12
Trading liabilities 46,193 38,186 21
Short-term borrowings 22,706 28,869 (21)
Long-term debt 163,514 151,000 8
Brokerage payables 29,133 25,683 13
Other liabilities 29,103 30,406 (4)
Total liabilities  774,999 743,696 4
Total shareholder's equity  48,546 46,120 5
Noncontrolling interests 815 643 27
Total equity  49,361 46,763 6
Total liabilities and equity  824,360 790,459 4
BIS statistics (Basel III)
end of 3Q20 4Q19 % change
Eligible capital (CHF million)   
Common equity tier 1 (CET1) capital 42,225 41,933 1
Tier 1 capital 56,538 54,024 5
Total eligible capital 57,551 56,958 1
Capital ratios (%)   
CET1 ratio 14.8 14.4 –
Tier 1 ratio 19.8 18.6 –
Total capital ratio 20.1 19.6 –
4Q19 amounts are shown on a look-through basis.
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Exhibits
No. Description
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE GROUP AG and CREDIT SUISSE AG
(Registrants)
Date: October 29, 2020
By:
/s/ Thomas Gottstein                                 /s/ David R. Mathers
      Thomas Gottstein                                       David R. Mathers
      Chief Executive Officer                               Chief Financial Officer 
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