According to a report in the Financial Times, Credit Suisse has secured the rights to the “First Boston” brand. At the end of October, the major bank announced that it would spin off part of its investment bank under the name “CS First Boston” as part of its far-reaching restructuring.
The new investment banking unit should have been called First Boston, according to Wednesday’s Financial Times article. However, CS discovered that the name had been claimed by another company. As a result, Credit Suisse then switched to the name “CS First Boston”, wrote the British business newspaper.
At the same time, lawyers for the major bank had demanded that the US patent and trademark protection authority grant the rights to “First Boston”. In the meantime, an agreement has now been reached with the owner of the brand on the payment of an undisclosed sum and the corresponding application to the US authorities has been withdrawn, it is said. A bank spokesman declined to comment further on AWP’s request.
In a statement, however, CS pointed out that Credit Suisse’s Investment Banking & Capital Markets business “looks back on a long-standing success story with First Boston and DLJ (Donaldson, Lufkin & Jenrette)”. The bank has “built over decades” the First Boston brand, reputation and goodwill and will “vigorously exercise and stand by its rights in this regard,” the statement said. The “branding plans” are on the right track.
