The logo of Swiss bank Credit Suisse is seen on an office building in Zurich, Switzerland on September 2, 2022. REUTERS/Arnd Wiegmann
ZURICH, Sept 5 (Reuters) – Credit Suisse ( CSGN.S ) will expand in Qatar in partnership with the Gulf country’s Investment Promotion Agency (IPA Qatar), the Swiss bank said on Monday.
It will create up to 100 jobs over the next few years, starting with wealth management, investment banking and asset management divisions and a technology and engineering center.
“This expansion will further strengthen the bank’s leading wealth management business, strengthen the bank’s local footprint and contribute to the acceleration of Credit Suisse’s development and digitalization in Qatar and the wider region,” IPA Qatar and Credit Suisse said in a joint statement.
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The move comes as Credit Suisse plans to cut about 5,000 jobs in 10 locations as part of a cost-cutting drive at Switzerland’s second-largest bank, a source with knowledge of the matter told Reuters last week. Read more
Credit Suisse is present in more than 50 countries and has been operating in Qatar through the Qatar Financial Center platform since 2006, the statement said.
Qatar Holding is one of the largest shareholders with a stake of more than 5 percent, according to the bank’s website.
Qatar has been trying to promote its economy by promoting its financial sector; She stated that it is now second only to the hydrocarbon industry.
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Report by Oliver Hirt and Michael Shields Mark Potter
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