Zurich-based investment banking company, Credit Suisse is set to launch a technology and engineering hub in Qatar, as part of its expansion plans.
The hub, will be in partnership with Investment Promotion Agency (IPA) in Qatar, and is said to open 100 jobs in the next few years, across its wealth management, investment banking and asset management divisions.
“This expansion will further strengthen the bank’s leading wealth management business, deepen the bank’s local footprint and contribute to accelerating Credit Suisse’s development and digitisation in Qatar and the wider region,” the companies said in a joint statement.
Credit Suisse operates in over 50 countries globally, and has been operating and actively expanding in Qatar since 2006 via the Qatar Financial Centre (QFC) platform.
The move comes as Credit Suisse considers cutting around 5,000 jobs, about one position in 10, as part of a cost reduction drive at Switzerland’s second-biggest bank, a source with knowledge of the matter told Reuters.
Qatar Holding is one of its top shareholders with a stake of just over 5 percent. The country has been diversify its economy, by promoting its financial sector, which ranks second after the hydrocarbon industry.
“We are pleased to embark on a new strategic step in our partnership with Credit Suisse and jointly advance the digital transformation of the financial services sector,” IPA’s chief executive officer Sheikh Ali Alwaleed Al-Thani said, adding the launch of the new hub in Doha “provides further impetus and expertise for the sector development and opens many windows of business growth opportunities by fostering technology and innovation.”
“The creation of our Qatar Technology and Engineering Hub will be instrumental in supporting the growth of our franchise across the Middle East and beyond,” Credit Suisse’s chief executive officer Ulrich Körner said.
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