Swiss banking giant Credit Suisse has set up a new advisory office in Mexico City to further bolster its presence in Latin America.

The wealth manager launched the new facility to enable its private banking customers gain access to on-site advice and help them invest their assets locally.

Findings from the bank’s Global Wealth Report revealed that 20% of Latin American people with more than $ 1m in wealth are domiciled in Mexico.

Credit Suisse said it anticipates long-term opportunities in the Mexico as the economic outlook for the country is promising, despite the headwind it faces.

“As in other emerging markets, growth in Mexico is predominantly driven by wealth generated by entrepreneurs – a segment of clients whose needs often encompass both private and business aspects. Thanks to its integrated bank approach, this is precisely where Credit Suisse sees its competitive advantage,” the group said in its press statement.

Credit Suisse CEO Mexico Pedro Jorge Villareal said: “With the new advisory office, Credit Suisse has the local presence and specialist access required to cater specifically to the investment and lending needs of our Mexican clients. We see tremendous opportunities for providing our clients with holistic solutions.”

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