Credit Suisse has formed an alliance with Investment Promotion Agency Qatar (IPA Qatar) to boost its wealth management business in Qatar.

Under the agreement, IPA Qatar will support the Swiss banking group to establish Qatar Technology & Engineering Hub in the country.

Through this partnership, Credit Suisse aims to accelerate the expansion of its wealth management business and enhances its local presence.

The Swiss bank also seeks to use this alliance to accelerate the development and digitisation of its operations in Qatar and beyond.

Furthermore, Credit Suisse is anticipated to create 100 new jobs in the country in the next few years across its units.

The latest partnership follows a memorandum of understanding (MoU) signed between IPA Qatar and Credit Suisse in October 2021.

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It comes at a time when Credit Suisse is exploring options to layoff nearly 5,000 staff to reduce costs.

Credit Suisse CEO Ulrich Körner said: “Given the Middle East is a key growth market for the bank, we are excited to be further scaling up our operations in Qatar.

“We are planning to expand our existing business operations over the next few years across all of our divisions as well as adding new functions which will strengthen, broaden and ensure quicker delivery of our offerings to clients.

“The creation of our Qatar Technology and Engineering Hub will be instrumental in supporting the growth of our franchise across the Middle East and beyond.”

Since its debut in Qatar in 2006, Credit Suisse has been operating through the Qatar Financial Centre (QFC) platform in the country.