Credit Suisse Group is splitting its Europe, Middle East and Africa private banking unit into two to better address the diverging needs of clients in Western and Emerging Europe, the private banking unit's chief executive, Hans-Ulrich Meister, said Monday.
One region, focusing on emerging markets, will include the Middle East and Africa as well as the Indian subcontinent and Russia, Eastern Europe, Greece, Israel and Central Asia.
"We will focus even more on these key wealth management markets and remain committed to exploiting growth opportunities and fully leveraging our integrated capabilities for this region's," wealthy clients, Meister told staff in a memo seen by Dow Jones Newswires.
Private banking Western Europe will include Germany, Austria and Luxembourg as well as Italy, the U.K., Spain, Portugal, France and Belgium.
"The relevant complexities have recently accelerated, requiring even more focus on these mature markets in order to maximize our ability to profitably grow these important businesses," Meister said, referring to regulatory changes, including stricter tax regulation.