Credit Suisse will consolidate
its Italian private banking operations around eight
branches in the next two years.

A Credit Suisse spokesperson confirmed its
plans to upgrade eight branches and close 16 branches in Italy as a
part of streamlining process in few years.

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However, the Swiss bank did not comment on
when the banks will close down.

The streamlining process in Rome, Milan,
Parma, Florence, Padua, Bresica, Genoa and Turin will refocus
Credit Suisse business to tap high-net-worth-individuals in Italy,
the bank said.

Italy has 50% of untapped potential in the
wealth advisory market, according to Italian Private Banking
Association.

While Rome and Milan branches have been
already upgraded in terms of high-technology and lay-out, the
streamlining is going on in six branches currently, said Credit
Suisse’s Italian spokesperson.

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Meanwhile, Credit Suisse wealth advisors are
undergoing internal certification to improve their services, the
bank said.