Credit Suisse, the bank that unveiled a major shift in strategy last week to focus on wealth management over investment banking, plans to make acquisitions and invest about $400m in Switzerland in the next few years, CEO Tidjane Thiam and Chairman Urs Rohner said in interviews with local media.
Bloomberg News reports that the bank invested too little and didn’t give its home market of Switzerland enough attention in recent years, Thiam said in an interview with newspaper Neue Zuercher Zeitung.
A planned partial initial public offering of its Swiss unit will improve awareness of the business and provide currency for acquisitions, Thiam told Finanz und Wirtschaft in an interview published on Saturday.
Credit Suisse will expand in Geneva and French-speaking Switzerland and will target buying private banks that are under pressure and struggling because of increased regulation and the end of bank secrecy, the CEO told Le Matin Dimanche on Sunday.
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