- With a deal to sell its German private-banking unit to ABN Amro, Credit Suisse (CS) marks a strategic withdrawal from private banking in that country to focus more on clients with Swiss-based accounts.
- The terms weren't disclosed, but the operation has about €10B in AUM, making it a relatively small part of the bank's wealth management business. Analysts expect a price tag of about CHF100M-CHF150M makes sense.
- Credit Suisse started an aggressive push into the German market about 20 years ago and focused on clients with as little as €200K in assets. It turns out, those clients don't generate a lot of fee income for the bank, and - under pressure to trim costs and focus on only the most profitable operations - Credit Suisse has turned back to its most wealthy clients.
Credit Suisse exits private banking in Germany
Dec 5 2013, 07:55 ET