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Credit Suisse Receives Broker-Dealer License in Chile
Credit Suisse to offer comprehensive wealth management services in ChileCredit Suisse today announced that it has received a Broker-Dealer license in Chile which will enable the Bank to provide high-net worth and ultra-high net worth individuals in Chile with a comprehensive spectrum of wealth management services locally. The license marks another important step in Credit Suisse’s Latin America and Emerging Markets growth strategy.
Silvan Wyss, Head of Credit Suisse Private Banking Latin America, said: “We are delighted to expand our wealth management offering in Chile, one of Latin America’s most dynamic markets. Chilean private investors are increasingly demanding a more sophisticated approach in terms of asset allocation as well as gaining access to a truly global platform for specialized financial services and products.”
Credit Suisse has long been committed to international growth and particularly the emerging markets. The Bank has a long tradition in Latin America, having been active in serving clients in the region for 50 years.
According to Credit Suisse’s 2010 World Wealth Report, absolute wealth in Latin America today is approximately USD 8 trillion, a tremendous increase from USD 3.3 trillion in 2000. Also according to the report, Chile is an emerging wealth country whereby average wealth grew steadily over the past decade, more than doubling from USD 10,000 per capita in 2000 to USD 25,000 in 2010.
Wealth management is a core business for Credit Suisse and has been for more than 150 years. During that time the Bank has advised many of the world’s wealthiest families on all aspects of their financial situation. Over the past five years, Credit Suisse has established successful onshore wealth management businesses in Brazil, Mexico and Panama and the Bank has a significant and longstanding presence across the region. Credit Suisse has been present in Chile for more than a decade.
“A local presence is a prerequisite for long-term success in the Chilean private banking market,” said Andrea Cuomo, Credit Suisse Country Manager for Chile. “With our proximity to clients and the market, Credit Suisse is ideally positioned to provide wealthy individuals with direct access to both its long-standing local expertise and its global integrated banking network,” says Cuomo.