Credit Suisse said it is keen on acquisitions especially in its core wealth management business.
This comes two months after reports claimed global wealth manager UBS was reportedly exploring a merger with fellow private banking giant Credit Suisse.
Thomas Gottstein, chief executive at Credit Suisse, said on 11 November at a Bloomberg financial conference: “Consolidation is needed and will happen.
“Our strategy is principally based on organic growth, not inorganic growth, but we also are always open and opportunistic to look at acquisition opportunities, especially in private banking.”
International Adviser contacted Credit Suisse about the regions where it may look to complete deals. The private bank did not comment further.
Credit Suisse is not the only Swiss wealth manager that is keen on M&A deals.
The chief executive of Julius Baer said recently that the firm is “open to big, transformational acquisitions”.
But, financial watchdog Finma banned the private bank from making acquisitions after it found Julius Baer had fell “significantly short” in combating money laundering in its Latin America operation between 2009 and 2018.
Phillipp Rickenbacher, Julius Baer chief executive, said that he is “confident that we will be able to lift restrictions in 2021”.