Credit Suisse’s private banking division in Italy is planning to hire 40 new top private advisors within the next three years and spend 10 million upgrading their technology platform.
Private Banker International understands that the Swiss bank is shifting its focus to cater for Ultra-High-Net-Worth clients across Italy.
Go deeper with GlobalData
The move comes just days after the bank decided to sell parts of its Italian private banking division to obtain funding to radically upgrade their services for the ultra wealthy.
The bank sold units of its private banking division, mainly catering for HNWIs, to Banca Generali on Friday in a deal worth 47-50 million.
The agreement will include the sale of Credit Suisse Italy’s business line, inter alia – an agency contracts of about 60 financial advisors that has more than 2 billion in assets under management.
The deal is subject to approval by the Bank of Italy and satisfaction of the additional contractually established conditions.
The transaction is expected to be completed in November 2014.
The acquisition will enable Banca Generali to boost its presence in strategic areas in Italy, while Credit Suisse will be able move ahead with its global strategy of focusing its asset management business on businessmen and large families.
