Credit Suisse Extends 'Personal Finance' Concept To Germany, Spain

by Carla Johnson, InvestorsOffshore.com, London

24 August 2001

Credit Suisse Group said yesterday it would extend money management services for upmarket private investors to Germany and Spain as it seeks to expand in the fast-growing area. The long-expected move by Switzerland's second-biggest bank raises to three the number of countries where it is targeting affluent investors.

The first such operation - offering services such as investment products, insurance packages and what CS calls tax optimisation - was set up in Italy in 1999.

The business model is the lynchpin of CS's drive to expand its money management services to a broader segment of Europeans, seeking clients a cut above retail, but below the level that its private banks serve.

The bank's Personal Finance range comprises integrated financial services to assist clients in investing, expanding and structuring their assets. Clients have a number of channels available to them, through which to contact the bank. They decide whether they want to speak to their personal advisor, go into an Investment Center or Sales Office or visit the financial portal online - whereby the focus is on comprehensive, personal advice from professional consultants.

Credit Suisse intends to become one of the leading providers of integrated financial services for affluent private clients in selected markets in Europe, by complementing its existing Private Banking offering with its Personal Finance concept. Credit Suisse is launching an integrated multi-channel offering in Germany which encompasses proactive, all-round supervision on everything to do with personal finances. Clients have access to a wide variety of services ranging from investment products to insurance solutions and credit or tax optimisation. Third-party products are also available.

The offering is intended for clients who are looking for comprehensive financial advice on expanding their assets. They gain the advantage of the top quality service and the expertise provided by Credit Suisse, one of the top Swiss banks and a worldwide leader, with a long tradition of financial management for private clients.

50 financial advisors have been active in Germany since July and the Call Center is operational. The number of financial advisors should rise to 150 by the end of 2001. Investment Centers in central locations in Frankfurt, Munich and Berlin will be opening at the end of September and 2 further Investment Centers are planned in Hamburg and Stuttgart. The distribution network in Germany will be continually expanded.

In Italy, 2 years after commencing operations, Credit Suisse advises around 20,000 clients in the segment which is being targeted in Germany, and has over EUR 3 billion in assets under management. The new Personal Finance offering will be also be launched in Spain in September.

The new Credit Suisse offering in the Personal Finance segment is an extension of the existing services offered by Credit Suisse Private Banking which has been present in the German market since 1985 and has offices in Frankfurt, Hamburg, Berlin, Düsseldorf und Munich. The Credit Suisse Private Banking offering is for clients with a high level of assets and who require a special management concept based on their individual investment needs and the structure of their assets.

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