Swiss lender Credit Suisse Group may consider purchase of private-banking businesses in Italy that serve the ultra-rich, said Credit Suisse’s Italy CEO Federico Imbert.
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Bloomberg quoted Imbert saying that the bank is eyeing expansion, but not purchases at the moment.
The bank is planning to hire 40 private bankers in Italy over two years, said Imbert.
Imbert added that Credit Suisse comprises EUR13bn ($15bn) of assets under management at its Italian private-banking unit.
He said: "We are focused on growing organically, but we’re able to consider non-organic growth if opportunities arise.
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By GlobalData"We are focusing on ultra high-net-worth, but I don’t see interesting things."
The Swiss bank is currently reshuffling its private-banking businesses across the globe as it allocates an equal amount of capital to the investment bank and money managing businesses.
Last year, the bank sold its Italian arm for clients with less than CHF1m ($1.1m) to focus on the country’s ultra-rich customers.
