Credit Suisse Group said that it plans to merge the business of its subsidiary Neue Aargauer Bank with that of Credit Suisse in Switzerland’s Canton Aargau, establishing a single brand there.

The Swiss bank said that the move was part of measures aimed at generating gross cost savings of around 100 million Swiss francs ($109.7m) a year from 2022 onward, in a push to streamline operations as the coronavirus pandemic accelerated a shift to online and mobile banking.