Tuesday, October 4, 2022
-Advertisement-
-Advertisement-
Tech ObserverNewsIndustryLaying new expansion plan, global investment bank Credit Suisse enters Qatar

Laying new expansion plan, global investment bank Credit Suisse enters Qatar

The expansion is likely to create up to 100 jobs across wealth management, investment banking and asset management divisions and through the launch of a technology and engineering hub.

The expansion is likely to create up to 100 jobs across wealth management, investment banking and asset management divisions and through the launch of a technology and engineering hub.

Global investment bank and financial services company Credit Suisse plans to enter new geographies starting with . According to the financial services major, the foray into the Qatar market will be via partnership with the Gulf country’s Investment Promotion Agency (IPA Qatar).

The expansion is likely to create up to 100 jobs there over the next few years across its wealth management, investment 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.

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 https://www.credit-suisse.com/about-us/en/investor-relations/shareholders/significant-shareholders.html.

Qatar has been trying to diversify its economy by promoting its financial sector, which it said now ranks second after the hydrocarbon industry.

Subscribe to receive the day's headlines from Tech Observer straight in your inbox

- Advertisement -

Your Comment on this Story

Comments

Share on activity feed

Powered by WP LinkPress

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe to our Newsletter

83000+ Industry Leaders read it everyday

By subscribing you agree to our Privacy Policy, T&C and consent to receive newsletters and other important communications.
- Advertisement -ESDS SAP HANA Community Cloud
- Advertisement -

RELATED ARTICLES

- Advertisement -