Credit Suisse Private Banking and Concord International launch joint venture in Egypt
The lure of the Egyptian market has attracted Credit Suisse Private Banking (CSPB) into a joint venture with United States based-Concord International Investments.
CSPB and its partner are setting up Swiss Egyptian Portfolio Management, which will provide asset management services for high net worth private clients in Egypt.
Based in New York, Concord is one of the leading managers of Egyptian securities in the world, with $700 million (SFr1.2 billion) invested in Egyptian securities through its Cairo office.
CSPB said in a statement that the deal combines its global presence and Concord's local expertise.
"With substantial economic growth and its leading political role in the Middle East, Egypt has considerable potential as the region's financial centre and for onshore investment management," said CSPB in a statement.
The chairman of the joint venture, in which CSPB holds a majority stake, is Prince Abbas Hilmi and René Müller is the chief executive officer.
"Both Credit Suisse and Concord are confident that the Swiss Egyptian Portfolio Management Co will make a major contribution to the development of the Egyptian capital market," said Prince Abbas Hilmi.
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