Credit Suisse has completed the acquisition of a majority interest (51 per cent) in Hedging-Griffo, an independent asset management and private banking firm in Brazil for SFr421 million ($364.1 million). The transaction has been approved by the Central Bank of Brazil. Hedging-Griffo will now operate as Credit Suisse Hedging-Griffo. The acquisition supports Credit Suisse's integrated bank strategy by adding significant scale to its onshore Asset Management and Private Banking businesses. The parties have entered into an option arrangement whereby Credit Suisse may acquire, and the current shareholders may sell, the remaining stake in Hedging-Griffo after five years. Senior partners of Hedging-Griffo have been appointed to manage the Asset Management and Private Banking businesses of Credit Suisse Hedging Griffo. Credit Suisse began operations in Brazil in 1990 through its Investment Banking operations, Banco de Investimentos Credit Suisse (Brasil).