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Credit Suisse to Invest, Expand in Switzerland, CEO Thiam Says

  • CEO and chairman say CS could buy Swiss private banks
  • Company to invest $400 Million in Switzerland, media report

Credit Suisse Group AG, the Swiss Bank that unveiled a major shift in strategy last week to focus on wealth management over investment banking, plans to make acquisitions and invest about $400 million in Switzerland in the next few years, Chief Executive Officer Tidjane Thiam and Chairman Urs Rohner said in interviews with local media.

The bank invested too little and didn’t give its home market of Switzerland enough attention in recent years, Thiam said in an interview with newspaper Neue Zuercher Zeitung. A planned partial initial public offering of its Swiss unit will improve awareness of the business and provide currency for acquisitions, Thiam told Finanz und Wirtschaft in an interview published on Saturday.