Remember back in March 2023 when Credit Suisse went belly-up, and Union Bank of Switzerland agreed to take them over, based on a rushed agreement with the Swiss government, which included being allowed to pick over the bones of the more lucrative aspects of Credit Suisse’s portfolio?
A key part of super-secretive Credit Suisse’s activities that UBS was drooling over, was its Middle East “wealth portfolio” clients. Now it turns out that rival bank HSBC – with its lineage as the central bank of Dope, Inc. when it was based in British-run Hong Kong – has poached that part of Credit Suisse’s portfolio.
According to the Financial Times, “HSBC is in advanced talks to poach a team of senior Middle East wealth managers from Credit Suisse, as it looks to challenge its rival in the Gulf, according to two people with knowledge of the moves… The loss of Credit Suisse Qatar chief executive Aladdin Hangari and up to five members of his team would be a blow to UBS, which last month completed the takeover of its Swiss rival and plans to build the biggest private bank in the region….
“UBS has been keen to hold on to Credit Suisse wealth managers, especially in high-growth regions such as the Middle East and Asia-Pacific, but the disruption of the takeover has prompted competitors to pounce…. Hangari is a key relationship manager for Credit Suisse in Qatar, a country that had close links to the bank, with the Qatar Investment Authority one of its biggest and longest-serving shareholders. The bank has 21 staff focused on the country.”
