Credit Suisse has appointed at least five private bankers in Spain in the previous six months and has plans to hire more to cope up with the increase in pace of economic growth.
Miguel Matossian, chief executive officer of the firm’s Spanish unit, said: "The trend in the country is very positive, with the stock market up, new IPOs and private-equities funds investing. We are seeing new wealth creation."
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Credit Suisse nearly doubled client assets in Spain during the country’s recession, and its private banking and wealth management arm had $1.4 trillion assets under management as of June, reports Bloomberg Businessweek.
Matossian, who joined the group as its top private banker in Spain in 2003, added that Credit Suisse is likely to consider purchase of other private banks to speed its pace of growth following expansion of its assets under management by almost 80% since June 2011, without help from acquisitions.
The bank is also restructuring its private banking businesses around the world, which includes sale of its Germany operations to ABN Amro Group’s Bethmann Bank in December, and sale of its Italian business for clients with less than CHF1m in July.
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