Credit Suisse added private banking to its operations in Toronto as the lender seeks to win business from Canada’s wealthiest individuals.
Bloomberg News reports the bank has dedicated four advisers to target Canadians with at least $25 million of assets to invest, building off the company’s investment-banking operations in the country. The firm said it’s focusing on a niche group of affluent Canadians whose financial needs aren’t being met by domestic banks or foreign companies with private-wealth operations.
Credit Suisse is 'bringing what we think is a much-needed perspective to a relatively small group of ultra high-net-worth Canadians who, given their situation, really require a global wealth-management solution,' Ronald Lloyd, the bank’s country head for Canada, said in an Aug. 29 phone interview.
The number of Canadian millionaires increased 7.2 percent last year, helping make North America the wealthiest region in the world, according to a June 18 report by consulting firm Cap Gemini SA and Royal Bank of Canada. Canadians with at least $1 million in investable assets climbed to 320,000 people, about 1 percent of the country’s population, with a collective wealth of $979 billion, according to the report.
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