Middle East is a key growth area

Gulf News: What kind of due diligence is done to corroborate a client's source of wealth and business activities?

Daher: At Credit Suisse, we have strict 'know your client' and due diligence rules in place. We also ensure that we thoroughly profile our clients to gain a deep and comprehensive understanding of their investment needs and financial requirements. This in turn enables us to take on a holistic approach to responding to clients and to provide them with high quality advice, tailored investment strategies, and solutions through our integrated banking business. With this comprehensive approach we ensure that the investor's portfolio matches his or her profile and the current market situation at all times.

Gulf News: Which products are most popular among regional clients?

Daher: In general, clients are looking for synergies and are seeking establishments that can provide a comprehensive range of services from a single source. By combining our private banking, investment banking and asset management activities, we are able to offer our clients local access to a global range of financial products, services and innovative solutions. In the current market environment, clients are increasingly risk averse and seek to invest in more traditional vehicles such as capital protected investments in addition to more conservative, total return investments.

Gulf News: With the growing wealth in the region, thanks to high oil prices, do you intend to expand your operations?

Daher: Credit Suisse is highly committed to the region. In fact, over the past four decades, we have established a local presence in Beirut, Abu Dhabi, Cairo, Dubai, Doha and Riyadh, which alongside our global footprint, provides a strong competitive advantage. The Middle East remains one of the bank's key areas for growth and investment. As such, our business in the region has experienced solid expansion and development across private banking, investment banking and asset management and will continue to do so in response to local client demand.

Gulf News: Generally, how do you view the future of private banking in view of the ongoing crises in financial markets?

Daher: It has never been more important to remain responsive to unique client requirements and deliver bespoke solutions. At Credit Suisse, we place a great emphasis on engaging with our clients and are convinced that they gain value from our experience and resources to navigate through difficult times. On the basis of a personal relationship founded on trust, a wealth manager not only has to be able to provide complex products and solutions but also act as an important sparring partner. At Credit Suisse, we help our clients to successfully manage such complex transition phases and look after their professional, business as well as personal needs.