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Credit Suisse expands in California

Swiss banking giant Credit Suisse has announced that it is to step up its presence in the western states of America with the opening of a new office in California.

The new office, which will provide financial advisory services to the huge number of wealthy individuals and family groups in the southern California area, marks a significant expansion of the Swiss money manager in the US.

Currently it has 12 offices operating across the country under the Private Banking USA banner, focussing its private banking services on only the very wealthy, providing them with similar services normally reserved for large institutional investors.

However, the addition of another office in California demonstrates the enormous opportunities in private banking that the state represents for the larger financial institutions.

California has what would be the sixth largest economy in the world, were it an independent nation state, with some of the wealthiest individuals in the US residing there and benefitting form booming business in all sectors.