Credit Suisse has decided to pull out from the domestic wealth management business in Austria following a strategic business assessment.

The move forms part of the Swiss wealth manager’s strategy to concentrate more on business with UHNW and corporate clients in its European wealth management arm, which shows ‘significant growth potential’.

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Credit Suisse said it will serve its Austria-booked UHNW clients from Luxembourg, while HNW clients will be referred to Liechtensteinische Landesbank (LLB) Österreich.

LLB entered the Austrian market in 2009 with the establishment of LLB Österreich.

The transaction remains subject to antitrust clearance.

Credit Suisse Europe International Wealth Management head Robert Cielen said: “We are very grateful for the exceptional work carried out by our team in Austria over the last 13 years and we thank our clients for continuing to place their trust in us.

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He added: “Credit Suisse IWM Europe will invest in its platforms to strengthen the Luxembourg hub and further cater to the sophisticated needs of UHNW clients in the Eurozone. Meanwhile, we have come to the conclusion that our HNW clients in Austria will be best served by a local partner.”

Credit Suisse said it will provide support to its Austrian clients during the transition period, which is expected to start in the second quarter of the year.

Other developments at Credit Suisse

Earlier this week, reports emerged that Credit Suisse planning to triple its employee strength in China over the coming three years.

This month, the Swiss bank decoupled its asset and wealth management units and appointed Ulrich Körner as the new CEO of its asset management division.

The move followed its effort to limit the effect from the collapse of short-term debt fund Greensill Capital.