By Claire Valdini
QIA owns a stake in the Zurich-based investment bank and fully owns its London HQ
Credit Suisse Group and a unit of the Qatar Investment Authority (QIA), the Gulf state’s sovereign wealth fund, plan to start an asset-management joint venture, Bloomberg reported.
The Doha-based joint venture will focus on Middle East and North African investments and may expand its operations into other emerging markets, the news agency said, citing three unnamed sources familiar with the matter.
Negotiations between the Zurich-based investment bank and Qatar have been ongoing for 12 months, two people said. The joint venture may be announced this year, the report added.
QIA and Credit Suisse are boosting their ties after the Doha-based investment authority bought a 5.98 percent stake in the Swiss firm and in February bought its London-based headquarters and leased it back to the bank.
Credit Suisse has advised QIA on several deals including the purchase of the luxury department store Harrods.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.