Credit Suisse forms new small-cap focused business
Credit Suisse has moved to extend its strategic partnership with First NZ Capital via the formation of a new business aimed at the Australian small-cap sector.
The two companies announced this week that, subject to regulatory approvals, they would jointly establish a new offering spanning equities and investment banking coverage, focusing on small-cap companies and institutional investors in this sector.
The announcement said the new entity would "bring together the market leadership and global reach of Credit Suisse with the small-cap expertise of its strategic partner, First NZ Capital.
The announcement described First NZ Capital as the leading broker in New Zealand, with an average 30 per cent market share in NZX trading over the past 12 months.
Commenting on the move, Credit Suisse Australia chief executive, Rob Stewart said he was pleased to be expanding the partnership with First NZ Capital, after the two entities formed a strategic alliance in 2002.
He said he believed the new business would create opportunities for the Private Bank, as it broadened Credit Suisse's footprint and platform in a sector that was highly relevant to entrepreneurs and high-net worth individuals.
"The small-cap sector is extremely important to Credit Suisse and our institutional and private banking clients, therefore we made the decision that this is an area we would invest in and expand our capabilities," he said.
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