Credit Suisse is due to open a private banking office for high net worth clients in Poland, WealthBriefing understands.

On the launch of the new office Credit Suisse will join its Swiss peer Bank Sarasin in establishing operations in Poland. Sarasin opened a representative office in Warsaw in March this year, establishing a base from which to promote Swiss private banking services to Poland’s high net worth individuals.

Sarasin – and no doubt Credit Suisse too – is of the view that Poland’s private banking market has particular potential. In July of this year Eric Sarasin, head of private banking, told journalists at a briefing that Sarasin sees Poland as a key market to grow its eastern European client base and that the bank is aiming to gain €500 million ($744 million) in assets under management in Poland over the next two years.

The Polish private client market is estimated to worth over $50 billion and it is thought that the country boasts around 20,000 people with investable assets in excess of $1.4 million.