Corporate Press Release

Press Release

Credit Suisse Completes Acquisition of HSBC's Private Banking Business in Japan

Credit Suisse announced today the completion of its acquisition of HSBC’s private banking business in Japan which was first agreed on December 21, 2011.

This acquisition enables Credit Suisse to further scale and enhance its wealth management capabilities in Japan and clients will be able to benefit from the expanded coverage provided through additional offices in Osaka and Nagoya. Former clients of HSBC’s private bank will now benefit from being part of a leading private bank that offers a broader range of comprehensive and personalized products and advisory services and the full benefits of its integrated bank platform.

Francesco de Ferrari, Head of Private Banking Asia Pacific at Credit Suisse, said: "We are pleased to have successfully and seamlessly integrated HSBC’s Private Banking business in the last few months. We welcome HSBC’s clients and employees to Credit Suisse and look forward to working with them to create a successful Private Banking franchise in Japan. This acquisition demonstrates our commitment to building a leading Private Banking business in Japan and in dedicating the appropriate investment and resources to ensure the long-term success of our regional Private Banking franchise in Asia.”

Olivier Thiriet, CEO for Credit Suisse Japan added: “This acquisition reflects
Credit Suisse’s long-term strategic commitment to the Japanese market. Building a leading Private Banking business in Japan is critical to ensuring we have a complete and compelling offering of products and services and to deliver the full benefits of our integrated bank to our clients across Japan.”