Swiss banking major Credit Suisse Group has expanded its private banking business to Toronto in Canada.
The firm has launched the service to focus on a group of affluent Canadians whose financial needs aren’t being met by domestic banks or foreign companies with private-wealth operations.
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The operation will target Canadian individuals having at least C$25 million of assets, reported Bloomberg.
As part of the move, the bank has appointed four new advisers.
Richard Jaffe, Credit Suisse’s head of private banking for North America said that the company will add more staff in Canada in addition to maintaining profitability.
According to data from Royal Bank of Canada and Cap Gemini, the number of millionaires in Canada have increased by 7.2% this year compared to last year, making North America the richest region in the world.
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By GlobalDataCredit Suisse Canada head Ronald Lloyd recently told Bloomberg: "Credit Suisse is bringing what we think is a much-needed perspective to a relatively small group of ultra high-net-worth Canadians who, given their situation, really require a global wealth-management solution.
"We’re starting with a small number of people and adding people as the business grows, as opposed to just building a business with lots and lots of people and hoping business comes," Jaffe added.
Credit Suisse North America private banking head Richard Jaffe said: "We actually have made great progress and we’re in many ways ahead of plans and expectations. Things are going well in North America and the US, and the Canadian strategy fits very nicely into our strategic growth plan."
In US, Credit Suisse currently has 13 private-banking offices employing about 400 advisers.
