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November 30, 2020updated 01 Dec 2020 11:31am

Credit Suisse to restructure operations in Latin America

By Verdict Staff

Credit Suisse is reportedly set to combine few of its Latin America wealth-management regions as part of a group restructuring.

This includes the breaking up of the bank’s ‘Andean’ group of clients from Peru to the Caribbean, BloombergQuint has reported.

While some of these countries are said to be reassigned to the Mexico & Central America region, the rest will fall under the South American grouping, except Brazil.

The Swiss private banking giant intends to shift resources and minimise costs in a prominent growth area as part of the restructuring, the report said.

Credit Suisse head of Latin America for the international wealth management division Jorge Fernandez Amann has been quoted by the publication as saying: “We have reviewed our operational set-up in Latin America to optimise our service delivery for our clients.”

Amann also reportedly said that the region was of ‘strategic importance’ to the Swiss bank group.

Following the restructuring, Andean region managing director Daniel Clavijo will resign, a bank spokesperson said in response to Bloomberg’s request.

Credit Suisse’s International Wealth Management division, led by CEO Philipp Wehle, is looking to bolster revenues from high-net-worth individuals.

Wehle, who took charge last year, has been trimming down regional reports to undo a structure formed by his predecessor.

Last week, it was reported that Credit Suisse is expecting to book an impairment of around $450m for a stake in alternative investment firm York Capital Management.

This investment firm accounted for around 1% of the CHF438bn ($481bn) overseen by the Swiss bank’s asset management unit at the end of last year.

Earlier this month, it was reported that Credit Suisse is open to merger and acquisition opportunities, especially in its wealth management business.

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