Simplified Legal Entity Overview
In the first quarter of 2007, Credit Suisse centralized its capital markets funding activities. This was done to simplify the Group's issuance structure and align its capital markets activities with the integrated banking model. New securities for funding and capital purposes are primarily issued Credit Suisse (Bank), the principal operating subsidiary of Credit Suisse Group AG.
Credit Suisse (Bank) has fully and unconditionally guaranteed on a senior basis all outstanding US-registered debt securities issued by Credit Suisse USA, Inc. (CS USA), a wholly owned subsidiary of Credit Suisse. In addition, in order to comply with requirements to exempt CS USA from Securities and Exchange Commission (SEC) reporting obligations, Credit Suisse Group AG fully and unconditionally guaranteed on a subordinated basis all outstanding US-registered debt securities issued by CS USA.
Below you will find a simplified legal entity organisation chart. The chart provides information concerning Credit Suisse Group AG and Credit Suisse (Bank). The chart also provides an overview concerning the ownership of several major operating subsidiaries.