Mobile  |  About us  |  Photos  |  Videos  |  Subscriptions  |  RSS Feeds  |  Today's Paper  |  Classifieds  |  Contact Us
The Daily Star
WEDNESDAY, 16 APR 2014
07:19 PM Beirut time
Weather    
Beirut
23 °C
Blom Index
BLOM
1,214.01down
Middle East
Follow this story Print RSS Feed ePaper share this
Credit Suisse to cut Dubai banking business
Bloomberg
The logo of Swiss bank Credit Suisse is seen at the company's headquarters in Zurich in this February 9, 2012, file photo. (REUTERS/Arnd Wiegmann/Files)
The logo of Swiss bank Credit Suisse is seen at the company's headquarters in Zurich in this February 9, 2012, file photo. (REUTERS/Arnd Wiegmann/Files)
A+ A-

Credit Suisse Group AG, whose second-largest shareholder is the Qatar Investment Authority, is cutting its investment banking business in Dubai to focus on Qatar and Saudi Arabia, a person familiar with the matter said.

Two bankers will move to Doha from Dubai as part of plans to shift the regional investment banking department headquarters to Qatar, the person said, asking not to be named as the news isn’t public. The bank will also cut about three positions in Dubai and transfer another as it moves its equities business to Riyadh, the person said. Bassam Yammine, MENA investment banking department co-head, already left the bank, the person said.

Qatar and Credit Suisse are boosting ties after the nation took a 6 percent stake in the Zurich-based bank, bought its London headquarters and formed asset manager Aventicum Capital Management.

The country, which has the world’s third-largest gas reserves, is snapping up assets to reduce its energy dependency and has $30 billion to invest this year, Qatar Investment Authority board member Hussain Al Abdulla said in April.

“Credit Suisse remains committed to providing a range of banking services to the MENA region,” the bank said Monday in a statement in response to questions on the cuts, referring to the Middle East and North Africa region. “We continue to be proactive about monitoring the size of our business relative to client opportunities and market conditions. This involves realigning resources to growth areas and adjusting capacity to meet client needs and to manage costs across our businesses.”

The bank said in October it will trim an additional 1 billion francs ($1.09 billion) in annual costs by the end of 2015, adding to a 1 billion-franc savings program from July and 2 billion-franc cut in expenses achieved since last year.

Credit Suisse announced in November 2011 that it was planning to expand in Qatar this year by providing asset-management services to local and international investors. The bank’s board of directors met in Qatar about a year ago and earlier this year shifted staff to Doha from Dubai, two people familiar with the matter said in September.

Credit Suisse Chief Executive Officer Brady Dougan is trimming staff to pare costs amid an industrywide slump that’s prompted more than 300,000 job losses in the past two years. The bank last month shook up its investment-banking unit to speed the process, merging asset management with the private bank.

The government-run Qatar Financial Center Authority, charged with expanding the country’s financial services industry, announced a strategy in 2010 to make Qatar a hub for asset management and reinsurance.

 
A version of this article appeared in the print edition of The Daily Star on December 18, 2012, on page 5.
Home Middle East
 
     
 
Dubai banks / Qatar / Economics
Advertisement
Comments  

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus
Advertisement


Baabda 2014
Advertisement
Follow us on Facebook Follow us on Twitter Follow us on Linked In Follow us on Google+ Subscribe to our Live Feed
Multimedia
Images  
Pictures of the day
A selection of images from around the world- Tuesday April 15, 2014
View all view all
Advertisement
Rami G. Khouri
Rami G. Khouri
Silencing Ayaan Hirsi Ali’s hate talk
Michael Young
Michael Young
The presidential chess game has begun
David Ignatius
David Ignatius
China moves to the scary side of its boom
View all view all
Advertisement
cartoon
 
Click to View Articles
 
 
News
Business
Opinion
Sports
Culture
Technology
Entertainment
Privacy Policy | Anti-Spamming Policy | Disclaimer | Copyright Notice
© 2014 The Daily Star - All Rights Reserved - Designed and Developed By IDS