Credit Suisse has confirmed that it will be opening a private banking office in Australia later this year to complement its existing local investment banking and asset management operations.
WealthBriefing.com reports that Cedric Davis, Credit Suisse's current deputy market leader for Australia, will lead the expansion of the private banking business in the Asia Pacific region and enable it to capitalise on growth opportunities in the "sizeable and fast-growing" Australian market.
Didier von Daeniken, co-head of private banking for Asia Pacific, says "Australian clients ... are increasingly looking for comprehensive asset and liability management solutions tailor-made for their needs."
The operation is expected to be based in Sydney and will start up operations on 1 September. A Melbourne office will also be opened with branches planned for Perth and Brisbane.