Credit Suisse to exit domestic Austrian wealth management

Liechtensteinische Landesbank Aktiengesellschaft

24/03/2021 06:14

ZURICH, March 24 (Reuters) - Credit Suisse  CSGN.S  is
exiting its domestic wealth management business in Austria and
referring a portion of its wealthy clients to Liechtensteinische
Landesbank  LLBN.S  while others will be served abroad, it said
on Wednesday.
    "Following a thorough analysis of its wealth management
operations in Austria, Credit Suisse has decided to serve
Austria-booked (ultra high net worth) clients from Luxembourg
going forward and is referring its local (high net worth)
clients to Liechtensteinische Landesbank (Österreich) AG," it
said in a statement.
    The transition is expected to begin in the second quarter,
the Swiss bank said.

 (Reporting by Brenna Hughes Neghaiwi
Editing by Riham Alkousaa)
 ((brenna.neghaiwi@thomsonreuters.com; +41 58 306 77 35;))