Credit Suisse Launches Private Banking In Russia

by Phillip Morton, Investors Offshore.com

20 September 2006

Credit Suisse has announced the launch of onshore private banking operations in Moscow, thereby becoming one of the first international banks to offer such services in Russia.

Credit Suisse already provides its private banking clients with access to Russian bond and equities markets as well as classic banking services, such as cash and deposit accounts, but the bank plans to expand the offering to include international securities, mutual funds and structured products.

"We are highly committed to the Russian market and have been expanding our knowledge of the region for almost three decades," commented Maya Salzmann, Market Area Head of Private Banking UK, International and Eastern Europe.

"Credit Suisse believes that Russia offers considerable wealth creation opportunities as a result of its dynamic economic development," she added.

Credit Suisse has been one of the leading investment banks in Russia and recently expanded its private banking presence in the Russian market with the opening of its Representative Office in Moscow in 2003 and its Representative Office in St. Petersburg in 2005.

"As a global player with extensive local expertise, Credit Suisse is well positioned to meet the needs of Russian clients, who are increasingly looking for local access to global execution capabilities and comprehensive solutions that are tailored to their requirements," noted Alexis Rodzianko, Head of Private Banking Moscow.

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