Credit Suisse Opens New Office in Luxembourg

Stephen Harris

29 January 2005

Credit Suisse has opened a new office in Luxembourg to focus on managing a part of the bank’s liquidity portfolio. The new branch will also augment the Swiss bank’s well established private banking operations in the country. The bank added in a statement: “The new branch will permit Credit Suisse to benefit from the wide range of securities accepted by the European Central Bank for rediscounting. This offers particular advantages in light of the new capital adequacy requirements under Basel II.” The Swiss bank has been involved in private banking in Luxembourg since 1974, which employs more than 130 individuals.