The move is part of a strategic alliance formed by the two firms “to further invest in and develop their wealth management offerings in Mexico”.
Actinver will take on Credit Suisse’s Mexican customers with predominantly domestic needs and offer them continued service and more comprehensive local offering”, according to a press release.
Credit Suisse, which set up its regional presence in Mexico in 1964, considers the country a key growth market for its wealth management business.
The Swiss said that the partnership with Actinver is in line with its wealth management strategy to strengthen and simplify its offering in priority growth markets.
It is expected to help the scandal-hit Swiss banking giant’s Mexican unit to focus on developing its business for Mexican clients who have complex and global requirements.
Credit Suisse Mexico CEO and head Wealth Management Mexico Nicolas Troillet said: “We are excited to announce this strategic alliance with Actinver, a leading Mexican wealth manager, for the next chapter of our growth journey.
“Jointly we will offer our clients the best of both platforms. Clients with predominantly domestic needs will benefit from a broader suite of local solutions and services provided by Actinver, meanwhile allowing CS Mexico to further focus and invest in our core strength of advising clients with more complex, global needs.”
As part of the agreement, Credit Suisse Mexico intends to transfer the local custody and execution business of its advisory clients to Actinver next year.
The Mexican wealth manager currently operates 50 locations across the country.
Actinver CEO Héctor Madero said: “We are very proud to announce this strategic alliance with Credit Suisse, a leading global wealth manager, which undoubtedly strengthens our Financial Group and continues to position us as one of the leading domestic private banks in Mexico.”