Credit Suisse has almost doubled the size of client assets in Spain during that country’s tough economic phase and expects that increase to accelerate as the economy recovers, a senior figure at the Zurich-listed bank is quoted as saying.

Credit Suisse has almost doubled the size of client assets for its private bank and wealth arm in Spain during that country’s tough economic phase and expects that increase to accelerate as the economy recovers, a senior figure at the Zurich-listed bank is quoted as saying.

The bank’s assets under management expanded by about 80 per cent since June 2011, without help from acquisitions, Miguel Matossian, chief executive officer of the Spanish division, is quoted as saying by Bloomberg.

Matossian has hired at least five private bankers in Spain in the last six months and plans to sign on more in expectation of a pickup in the pace of economic growth, the executive said in an interview.

“Spain has passed from not even being on the map to being in fashion. The trend in the country is very positive, with the stock market up, new initial public offerings and private-equity funds investing. We are seeing new wealth creation,” he reportedly said.

Mattosian reportedly said the firm prefers hiring bankers to expand. Asked about acquisitions, he said the company is “open to opportunities in the market, however our key growth strategy remains towards organic growth”.

(This publication is in the process of producing a report examining the Spanish wealth management landscape and will publish that item here soon.)