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Credit Suisse represented by new branch in Luxembourg
The main activity of the new branch will be the management of the EUR-denominated part of the Credit Suisse liquidity portfolio. The branch in Luxembourg will allow Credit Suisse to hold its euro-denominated liquidity paper in a eurozone country, thus giving it direct access to a national central bank within the EU (e.g. for repo business). Furthermore, the new branch will permit Credit Suisse to benefit from the wide range of securities accepted by the ECB for rediscounting. This offers particular advantages in light of the new capital adequacy requirements under Basel II.
Credit Suisse has been represented in Luxembourg by Credit Suisse (Luxembourg) SA since 1974. Its staff of around 130 provide traditional private banking services. In addition, Credit Suisse Asset Management and Winterthur both have operational units in Luxembourg.