Credit Suisse is expanding its existing operations in Qatar and establishing a technology center in the Emirate as part of its expansion plan for the region.
The Investment Promotion Agency Qatar (IPA Qatar) and Credit Suisse announced a new partnership on Monday where the bank will expand its existing operations in Doha and establish the Qatar Technology & Engineering Hub. The expansion is aimed at strengthening the bank’s wealth management business, and deepening the bank’s local footprint while accelerating Credit Suisse’s digitization efforts in the wider region.
Over the next few years, Credit Suisse expects to create up to 100 roles across all of the bank’s divisions as well as in the technology and engineering hub, which the bank views as a strategic asset in the region and a resource pool for numerous Credit Suisse business divisions.
The move comes as Credit Suisse is seeking to invigorate its wealth management business while exiting its capital-draining investment banking unit. At an investor deep dive in June, the bank is aiming at increasing revenue growth among its ultra-high net worth (UHNW) clients while accelerating it for high net-worth customers, as finews.com reported.
The hub appears to be similar to a shared services hub in Qatar that UBS announced earlier this year. The hub will provide centralized shared services to the bank in a variety of functions, among them finance, technology, human resources, operations, risk control, legal and internal audit, as finews.com reported. UBS said it expects to hire 200 digital experts at its hub.
«Given the Middle East is a key growth market for the bank, we are excited to be further scaling up our operations in Qatar. We are planning to expand our existing business operations over the next few years across all of our divisions as well as add new functions which will strengthen, broaden and ensure quicker delivery of our offerings to clients. The creation of our Qatar Technology and Engineering Hub will be instrumental in supporting the growth of our franchise across the Middle East and beyond,» said Credit Suisse CEO Ulrich Koerner.
Qatar plays host to the 2022 soccer world cup starting November 20.
