C Suisse faces oil field claim, to expand private banking unit

Gavel

When Zaur Leshkasheli decided to sell his majority stake in Azerbaijan’s largest onshore oil field, the former Russian diplomat-turned-entrepreneur expected to pocket more than $500 million.

Bloomberg News reports that instead, Credit Suisse bankers forced a sale in February 2008 for less than half that amount to Mikhail Gutseriev, the billionaire founder of OAO Russneft, according to a lawsuit filed by Leshkasheli in London.

Bloomberg also reports that Credit Suisse almost doubled client assets in Spain during the country’s recession and expects expansion to continue as the economy gathers pace.

The firm may consider buying other private banks to speed growth after assets under management expanded by about 80% percent since June 2011, without help from acquisitions, said Miguel Matossian, CEO of the Spanish division.

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