Credit Suisse is to merge its four private banks from the start of next year in a move aimed at boosting profits by Sfr100m ($79m) annually from 2008.

The banks, Clariden Bank, Banca di Gestione Patrimoniale, Bank Hofmann and Bank Leu, will merge with the securities dealer Credit Suisse Fides to create a new single bank to be called Clariden Leu.