Swiss banking group Credit Suisse Wealth Management is set to further divide its international wealth management business into seven units from the existing four in a bid to regionalise the bank.

Credit Suisse Wealth Management

The seven units are Latin America, Brazil, Western Europe, Southern Europe, the Middle East, Africa, and Central and Eastern Europe, reported Bloomberg.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The publication further said that each of the new units will have its individual management team and will be offered more autonomy.

The strategy is called Project Momentum, which is expected to be announced as early as this week, according to the report.

The international wealth management arm was established in 2015 and is currently headed by Iqbal Khan.

In the second quarter of 2018, the unit posted a pre-tax income of CHF433m, up 19% compared to CHF365m in the corresponding quarter of 2017. Net revenues at the unit increased 6% year-on-year to CHF1.34bn.

Earlier this year, Swiss bank UBS too unveiled plans to create a unified wealth management division, dubbed Global Wealth Management (GWM), through the merger of its American wealth management and international wealth management businesses.