In 1998, Credit Suisse took over First Boston. Credit: investing academy pro/ Flickr (Creative Commons)

Credit Suisse has reached an agreement with the owner of the First Boston brand to use the name for its new investment bank spinoff, reported the Financial Times.

Credit Suisse took over First Boston in 1998 after forming a joint venture with the bank in 1978.  

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Following the takeover, the Swiss bank continued to run its investment banking activities in New York under the brand name of Credit Suisse First Boston until 2005.

In September this year, Bloomberg reported that Credit Suisse was considering an option to reintroduce the First Boston brand, which ceased to exist around 17 years ago.

After a month, the bank revealed its intention to split its capital markets and advisory units under an overhauling of its operations.

Credit Suisse was looking to use the First Boston name for the investment bank spinoff, which will club its capital markets and advisory business.

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However, the bank came to know that trademark was already claimed by a discrete business and filed a petition to the US Patent and Trademark Office in October to regain the brand.

The latest development comes shortly after the bank cancelled the petition following the payment of a fee to the owner of the brand for using the name, people privy to the matter told the FT.

In a statement sent to the publication, Credit Suisse said: “The bank has developed the First Boston trademark and related reputation and goodwill over decades, and will vigorously pursue and defend its rights in this regard.”