Home » Banking » Credit Suisse plans Mideast growth

Credit Suisse plans Mideast growth

epa02248033 (FILE) Logo of the Credit Suisse at the entrance of the headquarter in Zurich, Switzerland, 22 October 2009. Tax investigators raided 13 German branches of the Swiss bank Credit Suisse on 14 July 2010, acting on information from a whistle-blower, a prosecutor in Dusseldorf said. The 150 tax officials and prosecutors were searching for information on tax evasion by German customers of the bank. They were acting on a warrant issued by a Dusseldorf district court. Wealthy Germans often park money in secret investment accounts abroad and fail to declare the investment income, although German taxes are calculated on an individual‘s global income.  EPA/STEFFEN SCHMIDT

 

Bloomberg

Credit Suisse Group AG expects the Middle East to account for a significant part of its growth in private banking as the number of super wealthy individuals in the region increases.
The Zurich-based bank expects to expand in Dubai and Saudi Arabia as millionaires in the region rise to 500,000 from about 330,000, Iqbal Khan, head of its international wealth management business, said in an interview with Bloomberg television in Dubai, citing the United Arab Emirates, Saudi Arabia and Kuwait as the most promising
markets.
“The Middle East for us is a very relevant region, it’s a growth region,” said Khan, responsible for Credit Suisse’s wealth management business in Latin America, Europe, the Middle East and Africa. “In the short term we do see challenges, but in the long term we have a positive view.”
Under a strategy designed by Chief Executive Officer Tidjane Thiam after he took the job in July 2015, the bank wants to focus on services for entrepreneurs and personal fortunes as it vies with competitors such as UBS Group AG and JPMorgan Chase & Co. to advise the ultra-wealthy. The Swiss bank is betting that it can attract affluent customers by offering individual clients loans as it pivots from investment banking to wealth management.

Deploying Capital
“We’re growing our coverage base across international wealth management and a material part of that is going to be in the Middle East,” said Khan. The bank is deploying capital in the region through lending initiatives and financing to clients, he said.
Khan was promoted to run the business in October and has been tasked by Thiam with almost doubling lending volume to 56 billion Swiss francs ($57.6 billion) by 2018. In the Middle East, growth in sales and asset accumulation accelerated by more than 10 percent in the first half, he said, declining to give specific numbers.

Leave a Reply

Your email address will not be published. Required fields are marked *

Send this to a friend