Luxury boats are seen during the Monaco Yacht show, one of the most prestigious pleasure boat shows in the world, in the port of Monaco, September 27, 2017. REUTERS/Eric Gaillard
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LONDON/ZURICH: The leap in assets at Credit Suisse's private bank to a record high this year has been aided by a key plank of the bank's new strategy: lending money to the world's ultrawealthy.It is also one reason why Credit Suisse's private bank is growing faster than that of its Swiss rival UBS, the world's largest wealth manager, in terms of revenue and attracting new money.Moving the financing from its corporate to private bank means that, in those sectors, Credit Suisse will now be primarily lending to affluent individuals – clients whose personal wealth it helps manage.Credit Suisse declined to give details about its loan exposure in shipping, aviation and property, but finance sources estimated Credit Suisse's exposure in shipping alone was at least $12 billion.Finance experts say Credit Suisse's new tack of lending via its private bank has helped it make significant inroads with Greek shipping magnates – among the richest in the industry – in the past year, capitalizing on RBS' exit from Greece.Leading Greek shipping tycoon John Angelicoussis is among those that Credit Suisse has helped finance, Thomson Reuters LPC data shows.
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