Credit Suisse has picked Frankfurt as a key post-Brexit centre for its investment banking and capital markets business and has already moved several hundred million dollars of assets to support the new hub.
The corporate manoeuvres to create the new structure are revealed in the notes to Credit Suisse’s expectation-beating second-quarter earnings the bank reported on Tuesday.
The Swiss group, one of the last big international banks to reveal its post-Brexit plans, is also moving 50 traders to Madrid, as reported earlier this week, and recently confirmed it had been granted a new brokerage licence in Paris.
In Frankfurt, Credit Suisse is re-purposing an existing entity so that it can become part of the group’s Investment Banking & Capital Markets unit, which advises companies on mergers and acquisitions, raising debt and equity.
A person familiar with the plans said the change in structure was “certainly part of the Brexit strategy” and would facilitate Credit Suisse doing investment banking and capital markets business out of Germany.
The financial statements show that the transfer affects about $200m of net assets held by Credit Suisse (Deutschland) Aktiengesellschaft, which have been moved from Credit Suisse’s wind-down unit to IBCM. [...]
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