Credit Suisse has enhanced its Australian private banking capabilities with the acquisition of corporate advisory business Hindal.
The purchase of the privately owned firm is one of the first for the investment manager since the launch of its local private banking division last year.
"We commenced our domestic private banking business in Australia last year and have since built up a strong team of relationship managers and investment services and product specialists," Credit Suisse head of private banking Australia Nick Kalikajaros said.
"A large proportion of private banking clients in Australia are entrepreneurs or business owners, and 85 per cent of these businesses are estimated to change hands in the next five years. Such strategic repositioning of businesses often impacts private assets as well and requires a holistic range of corporate and personal advisory services."
The purchase will enable Credit Suisse to extend its integrated bank strategy of offering private banking, investment banking and asset management solutions to small-to-mid cap client segment in Australia, Kalikajaros said.
Hindal staff is expected to move over under Credit Suisse's private banking business.
Hindal is an independent and privately-owned corporate advisory firm established in 1996. It has offices in Melbourne and Sydney with a team of more than 25 employees.
