Global investment bank and financial services company Swiss credit plans to enter new geographies starting with Qatar. According to the financial services major, the foray into the Qatar market will be through a partnership with the Gulf country’s Investment Promotion Agency (IPA Qatar).
The expansion is expected to create up to 100 jobs there over the next few years across its wealth management, investment bank and asset management and by launching a technology and engineering hub.
“This expansion will further strengthen the bank’s premier wealth management business, deepen the bank’s local footprint and help accelerate Credit Suisse’s development and digitalization in Qatar and the wider region,” IPA Qatar and Credit Suisse said in a joint statement. statement.
The move comes as Credit Suisse plans to cut around 5,000 jobs, or roughly one in 10 positions, as part of a cost-cutting campaign at Switzerland second largest bank.
Credit Suisse is present in more than 50 countries and has been operating in Qatar since 2006 through the Qatar Financial Center platform, the statement said. Qatar Holding is one of its major shareholders with a stake of just over 5%, according to the bank’s website https://www.credit-suisse.com/about-us/en/investor-relations /shareholders/significant-shareholders.html.
Qatar has tried to diversify its economy by promoting its financial sector, which it says now ranks second after the hydrocarbon industry.