Credit Suisse Private Bank Plans to Expand

Credit Suisse Group on Thursday said its flagship private bank was "well positioned to excel in the current market conditions" and that it planned to expand worldwide.

The group said it aimed to take on around 1,000 new bankers to serve wealthy clients by 2010, taking the total to around 4,100, according to presentation slides to be delivered at an investor conference later in the day.

Credit Suisse expansion plans focus on Latin America, Europe, India, Japan, the United States and the Middle East and come as the group has escaped the subprime crisis which has seriously damaged several rivals, relatively unscathed.

The group said it expected net new assets in its wealth management division to grow by over 6 percent a year and that long-term growth prospects for the wealth management industry were intact.

Credit Suisse said it aimed to build a comprehensive wealth management operation in the United States, establish an onshore presence in Japan in 2008 and enter the onshore markets in Mexico and Brazil.

The group said it expected around 1.6 billion Swiss francs in revenue synergies in 2007 resulting from its "One Bank" strategy designed to capture business arising within different business segments in the group.

That compares to 1.2 billion francs in synergies from the strategy produced in 2006, according to the presentation.