By Daniel Shane
Qatar-backed lender seeking to shift investment focus from Dubai to Doha, Saudi
Qatar-backed Credit Suisse is paring its investment banking
business in Dubai in order to shift focus in the Middle East to Qatar and
Saudi Arabia, Bloomberg reported, citing an anonymous source.
According to the news service, the lender, whose second-biggest
shareholder is Qatar Investment Authority, will move two senior bankers from
Dubai to Doha. Credit Suisse will also eliminate three positions in Dubai and
transfer another to Riyadh as it moves its equities business to the Saudi
Arabian capital, a person familiar with the matter said.
Qatar currently holds a 6 percent stake in Zurich-based
Credit Suisse. The Gulf state’s sovereign wealth fund also owns the bank’s
London headquarters and recently formed the joint venture Aventicum Capital
“Credit Suisse remains committed to providing a range of
banking services to the MENA region,” the bank said in a statement emailed to
Bloomberg on Monday when questioned about the cuts.
“We continue to be proactive about monitoring the size of
our business relative to client opportunities and market conditions. This
involves realigning resources to growth areas and adjusting capacity to meet
client needs and to manage costs across our businesses.”
In October 2012, Credit Suisse said it was looking to slash
about US$1.1bn from its annual costs by the close of 2015.