The bank says the move helps it strengthen its private banking capabilities in Australia by enabling it to offer more corporate advisory services to small- to mid-cap businesses. Credit Suisse launched its Australian private bank last year.
ôA large proportion of private banking clients in Australia are entrepreneurs or business owners, and 85% of these businesses are estimated to change hands in the next five years," says Nick Kalikajaros, Credit SuisseÆs head of private banking Australia. "Such strategic repositioning of businesses often impacts private assets as well and requires a holistic range of corporate and personal advisory services."
Credit SuisseÆs country manager Australia, David Trude, adds that the acquisition of the business from Hindal further demonstrates the bankÆs commitment to the Australia market and enhances its integrated bank platform.
"Hindal is a well-resourced professional corporate advisor focusing on the small- to mid-cap market. It has a well-known and trusted team with a strong track-record," says Trude.
Following the acquisition, Hindal's staff of about 25 people in offices in Sydney and Melbourne will join Credit SuisseÆs private banking business.
"We are excited by the opportunities the merger can deliver for the Hindal team and our clients as it is a unique offering within a private bank in Australia,ö says HindalÆs co-chairman, Michael Naphtali.