Credit Suisse expands in Qatar, launches tech hub
Reuters
Published Sep 05, 2022 10:10AM ET
Updated Sep 05, 2022 03:10PM ET
ZURICH (Reuters) - Credit Suisse will expand in Qatar via a partnership with the Gulf country's Investment Promotion Agency (IPA Qatar), the Swiss bank said on Monday.
It will create up to 100 jobs there over the next few years across its wealth management, investment banking and asset management divisions and through the launch of a technology and engineering hub.
"This expansion will further strengthen the bank's leading wealth management business, deepen the bank's local footprint and contribute to accelerating Credit Suisse's development and digitisation in Qatar and the wider region," IPA Qatar and Credit Suisse said in a joint statement.
The move comes as Credit Suisse considers cutting around 5,000 jobs, about one position in 10, as part of a cost reduction drive at Switzerland's second-biggest bank, a source with knowledge of the matter told Reuters last week.
Credit Suisse is present in more than 50 countries and has been operating in Qatar since 2006 via the Qatar Financial Centre platform, the statement said.
Qatar Holding is one of its top shareholders with a stake of just over 5%, according to the bank's website.
Qatar has been trying to diversity its economy by promoting its financial sector, which it said now ranks second after the hydrocarbon industry.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.