Credit Suisse has confirmed that they will be opening a private banking office in Australia later this year to complement its existing local...

Credit Suisse has confirmed that they will be opening a private banking office in Australia later this year to complement its existing local investment banking and asset management operations, according to reports in the local media. The operation will be headed up by the Swiss giant’s current deputy market leader for Australia, Cedric Davis. Credit Suisse said that launching in Australia was an important part of the expansion of its private banking business in the Asia Pacific region and would enable it to capitalise on growth opportunities in the "sizeable and fast-growing" Australian market. "Australian clients ... are increasingly looking for comprehensive asset and liability management solutions tailor-made for their needs," said Credit Suisse co-head private banking for Asia Pacific Didier von Daeniken. The operation is expected to be based in Sydney and will start up operations on 1 September.