Credit Suisse expands in Qatar, launches tech hub

The emblem of Swiss financial institution Credit score Suisse is seen at an workplace constructing in Zurich, Switzerland September 2, 2022. REUTERS/Arnd Wiegmann

ZURICH, Sept 5 (Reuters) – Credit score Suisse (CSGN.S) will increase in Qatar through a partnership with the Gulf nation’s Funding Promotion Company (IPA Qatar), the Swiss financial institution mentioned on Monday.

It should create as much as 100 jobs there over the following few years throughout its wealth administration, funding banking and asset administration divisions and thru the launch of a expertise and engineering hub.

“This enlargement will additional strengthen the financial institution’s main wealth administration enterprise, deepen the financial institution’s native footprint and contribute to accelerating Credit score Suisse’s improvement and digitisation in Qatar and the broader area,” IPA Qatar and Credit score Suisse mentioned in a joint assertion.

The transfer comes as Credit score Suisse considers chopping round 5,000 jobs, about one place in 10, as a part of a price discount drive at Switzerland’s second-biggest financial institution, a supply with information of the matter instructed Reuters final week. learn extra

Credit score Suisse is current in additional than 50 international locations and has been working in Qatar since 2006 through the Qatar Monetary Centre platform, the assertion mentioned.

Qatar Holding is one in all its high shareholders with a stake of simply over 5%, in keeping with the financial institution’s web site.

Qatar has been making an attempt to variety its financial system by selling its monetary sector, which it mentioned now ranks second after the hydrocarbon trade.

Reporting by Oliver Hirt and Michael Shields
Modifying by Mark Potter

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