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
Questions have been raised regarding the viability of the current Australian Financial Services licensing regime, and the role that licensees have to play in monitoring and supporting the profession.
ASIC has said it is exploring whether there are concerns regarding Macquarie and Equity Trustees for hosting platforms where investors rolled over their superannuation into the Shield Master Fund.
Almost 30 staff at AMP could be affected by changes to its marketing and communications team, Money Management understands, as it makes two senior hires.
Superannuation fund Cbus has announced it will offer a financial advice offering for its members and their partners called Advice Essentials Plus.
