Credit Suisse acquires Hindal
Credit Suisse has acquired the corporate advisory business of Hindal in a move aimed at strengthening its Australian private banking capabilities.
Announcing the move today, Credit Suisse said the acquisition would strengthen its position by offering holistic advice spanning the corporate and personal needs of high and ultra-high-net-worth clients.
Commenting on the move, Credit Suisse head of Private Banking in Australia Nick Kalikajeros said that since starting the domestic Private Banking business in Australia last year, Credit Suisse had built up a strong team of relationship managers and investment services and product specialists.
He said that a large proportion of private banking clients in Australia were entrepreneurs and business owners, and 85 per cent of these businesses were estimated to change hands in the next five years.
Hindal co-chairman Michael Naphtali said the company was excited by the opportunities the merger would deliver for Hindal and its clients.
AUTHOR
Mike Taylor
Recommended for you
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
