Credit Suisse to Expand Wealth Management Practice Into Chile
As part of its Latin America and emerging markets growth strategy, Credit Suisse announced that it has received a broker-dealer license in Chile. As a result, it will enable the bank to provide high-net worth individuals in Chile with a spectrum of wealth management services locally.
According to Credit Suisse's 2010 World Wealth Report, absolute wealth in Latin America today is approximately $8 trillion, up from $3.3 trillion in 2000. Average wealth in Chile more than doubled from $10,000 per capita in 2000 to $25,000 in 2010.
"A local presence is a prerequisite for long-term success in the Chilean private banking market," says Andrea Cuomo, Credit Suisse country manager for Chile. "With our proximity to clients and the market, Credit Suisse is ideally positioned to provide wealthy individuals with direct access to both its long-standing local expertise and its global integrated banking network."
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