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Credit Suisse to exit domestic Austrian wealth management

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·1-min read
FILE PHOTO: Logo of Swiss bank Credit Suisse is seen in Basel
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ZURICH (Reuters) - Credit Suisse is exiting its domestic wealth management business in Austria and referring a portion of its wealthy clients to Liechtensteinische Landesbank while others will be served abroad, it said on Wednesday.

"Following a thorough analysis of its wealth management operations in Austria, Credit Suisse has decided to serve Austria-booked (ultra high net worth) clients from Luxembourg going forward and is referring its local (high net worth) clients to Liechtensteinische Landesbank (Österreich) AG," it said in a statement.

The transition is expected to begin in the second quarter, the Swiss bank said.

(Reporting by Brenna Hughes Neghaiwi; Editing by Riham Alkousaa)