Credit Suisse has been successful in Austria for more than a decade

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Credit Suisse, Paradeplatz in Zürich (Switzerland). (Credit: Roland zh/Wikipedia.)

Following a thorough analysis of its wealth management operations in Austria, Credit Suisse has decided to serve Austria-booked UHNW clients from Luxembourg going forward and is referring its local HNW clients to Liechtensteinische Landesbank (Österreich) AG (LLB Österreich).

Credit Suisse has been successful in Austria for more than a decade. However, following an in-depth strategic business assessment of its wealth management business model and set up in Austria, Credit Suisse has opted to simplify its operations and going forward will serve its Austria-booked ultra-high-net-worth (UHNW) clients with sophisticated needs from Luxembourg, while high-net-worth (HNW) clients will be referred to LLB Österreich. Liechtensteinische Landesbank (LLB) entered the Austrian market in 2009 with the foundation of LLB Österreich, which has since established itself as one of the leading wealth managers in the country. The transaction is still subject to antitrust clearance.

Robert Cielen, Head International Wealth Management Europe, Credit Suisse said: “We are very grateful for the exceptional work carried out by our team in Austria over the last 13 years and we thank our clients for continuing to place their trust in us. The choice to phase out our onshore presence in Austria is driven by a strategic decision to focus even more on business with UHNW and corporate clients in our European wealth management business, given the significant growth potential. Credit Suisse IWM Europe will invest in its platforms to strengthen the Luxembourg hub and further cater to the sophisticated needs of UHNW clients in the Eurozone. Meanwhile, we have come to the conclusion that our HNW clients in Austria will be best served by a local partner.”

Credit Suisse is committed to providing support to its clients during the transition period, which is expected to begin in the second quarter of 2021.

Source: Company Press Release