Credit Suisse is set to strengthen its wealth management business in Germany, after shuttering its wealth operations in the country about eight years ago.
The Swiss bank said that its business will focus on serving ultra-high-net-worth (UHNW) and entrepreneurial customers as well as family offices.
The move will offer German clients of the bank access to a Frankfurt-based team of advisors in addition to its booking and solution capabilities in Switzerland.
This team will work closely with the bank’s local investment banking and asset management teams.
Credit Suisse Europe Wealth Management head Robert Cielen said: “This expansion is proof of our strong commitment to Germany as one of Credit Suisse Wealth Management’s priority markets and is in line with our strategy to grow our business with UHNW and entrepreneurial clients.”
In conjunction with the plans, Credit Suisse appointed Sven Stephan to develop and lead the new onsite team in Germany.
Stephan, who has over 23 years of experience in banking, joined Credit Suisse Deutschland last year as managing director. Prior to that, he was responsible for HSBC Deutschland’s Private Banking team.
Credit Suisse Deutschland CEO Frank Heitmann said: “This on-the-ground integrated approach reflects the increased demand of German UHNW and entrepreneurial clients for a strategic dialogue spanning wealth management, investment banking and asset management capabilities.
“Our strengthened one-bank team will mean that we will be able to offer even more tailored solutions and greater proximity to our clients in this growing market.”