Credit Suisse to open private bank
Months after completing a reorganisation of its distribution area, Credit Suisse has announced plans to launch a private banking operation in Australia.
Credit Suisse managing director and co-head of private banking for Asia Pacific Didier von Daeniken said the establishment of the private banking operation was an important part of the company’s growth strategy in the region, and would allow it to capitalise on opportunities available in Australia.
The expansion follows recent changes to the organisation’s local distribution structure, which saw channel management and direct sales functions split from product development, business solutions and marketing, and the departure of head of distribution Brian Thomas.
The company’s current deputy market leader for Australasia and responsible officer for Australia Cedric Davies will take on the role of head of the private banking operation based in Sydney from September 1, 2006.
Davies will report to the company’s market leader for Australasia and responsible officer for Australia Reto Marx on a functional level, and to Sydney branch manager in Australia and country head, Australia, David Trude on a country level.
Trude said the private banking launch would complement the company’s existing investment banking and asset management operations.
“It allows us to provide a complete range of diverse, value—added products in the local market … As an integrated global bank, Credit Suisse provides holistic solutions to clients, utilising the best products and services that we have to offer to meet client needs,” he said.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
