The bank was initially planning to dispose of its business with private customers having deposits less than US$1.36 million, but decided to sell the entire asset management business, according to German newspaper Handelsblatt.
The newspaper read, "The expansion of Switzerland’s second-largest bank in Germany, which began in 2000, is seen as having failed, and Credit Suisse is now accelerating its withdrawal (from Germany)."
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Credit Suisse offers clients with private banking, investment banking and asset management services. It also provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland.
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