Credit Suisse expands in Qatar and launches a technology hub

The logo of Swiss bank Credit Suisse is seen in an office building in Zurich, Switzerland, September 2, 2022. REUTERS/Arnd Wiegmann

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ZURICH, Sept 5 (Reuters) – Credit Suisse (CSGN.S) will expand into Qatar through a partnership with the Gulf country’s Investment Promotion Agency (IPA Qatar), the Swiss bank said on Monday.

It will create up to 100 jobs there over the next few years in 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 premier wealth management business, deepen the bank’s local footprint and help accelerate 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 around 5,000 jobs, or roughly one in 10 positions, as part of a cost-cutting campaign by Switzerland’s second-largest bank, a source told Reuters. aware of the issue last week. Read more

Credit Suisse is present in more than 50 countries and has been operating in Qatar since 2006 through the Qatar Financial Center platform, the statement said.

Qatar Holding is one of its largest shareholders with a stake of just over 5%, according to the bank website.

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

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Reporting by Oliver Hirt and Michael Shields Editing by Mark Potter

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