Credit Suisse on Tuesday took a big step in its plans to boost the profitability of its private banking activities, saying it will fold its Clariden Leu subsidiary into the rest of the bank, eliminating brands that have been around for more than 250 years.

Credit Suisse, Switzerland's second-largest bank by assets, said it expects to save around Sfr200m ($222.2m) a year and grow faster because of the integration.