Credit Suisse has announced that it is among the first global financial institutions to apply for a licence to set up operations at the Qatar Financial Centre. The licence will enable Credit Suisse to open a subsidiary in Doha, Qatar, thus further expanding its footprint in the Middle East.
Credit Suisse filed an application for a financial services licence with the new Qatar Financial Centre in December 2005. Pending approval from the Qatar Financial Services Authority (QFCRA), Credit Suisse plans to establish a subsidiary in Doha during the first half of 2006. Through its new office Credit Suisse expects to provide high net worth individuals and institutional clients with a comprehensive range of products and services responding to the dynamic development and fast growing demand in Qatar.
Joachim H. Straehle, Head of Private Banking for Asia/Middle East/Russia commented: "Credit Suisse has had a long-standing relationship with Qatar. The opening of the new Qatar Financial Centre has provided us with a unique opportunity to set up onshore operations in this steadily growing market thus reinforcing our commitment to the entire Gulf Region."
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations in order to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC operates to international standards and provides a first class legal and business infrastructure for those doing business within the QFC. The QFC has been open for business since May 1, 2005.