Global investment bank and financial services company Credit Suisse plans to enter new geographies starting with Qatar. 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 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.
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.