After bailing out of private banking in Germany around eight years ago, Credit Suisse is jumping back in the boat and making another run with a new team and boss in Frankfurt.
Switzerland's second largest bank is back in the wealth management business in Germany, with a three-pronged strategy targeting ultra high net worth individuals (UHNW), entrepreneurs and family offices, Credit Suisse said in a statement Tuesday.
Sven Stephan has been tapped to build and lead the Wealth Management team of Credit Suisse (Deutschland) AG, which will be based in Frankfurt.
Prior to joining Credit Suisse (Deutschland) AG in 2021 as Managing Director, Stephan led HSBC Deutschland’s private banking team. He has over 23 years of banking experience, 17 in wealth management, and will report to Credit Suisse (Deutschland) AG CEO Frank Heitmann, and to Mischa Tschopp, Market Area Head of Germany.
Increased UHNW Demand
«This on-the-ground integrated approach reflects the increased demand of German UHNW and entrepreneurial clients for a strategic dialogue spanning wealth management, investment banking and asset management capabilities. Our strengthened one-bank team will mean that we will be able to offer even more tailored solutions and greater proximity to our clients in this growing market,» Heitmann added.
