Swiss lender Credit Suisse Group AG (NYSE:CS) is reportedly teaming up with a division of Qatar’s sovereign wealth fund Qatar Investment Authority (QIA) to jointly provide asset management services, Bloomberg said on Tuesday, citing three insiders.
According to one of the sources, the parties could unveil plans about the joint venture (JV) by the end of 2012. The creation of the entity follows a year of discussions between the bank and the Persian Gulf emirate.
Another insider said that the JV, which will be based in Doha, will chiefly deal with investments in the Middle East and North Africa. If the business is successful, it will also tap other emerging and neighbouring markets.
The Swiss bank and the Arab state are extending their collaboration following Qatar’s purchase of a 6% holding in Credit Suisse and the subsequent buy of its London head office. The bank could use the JV as a platform to set foot in Qatar and reinforce its ties with the country, which has been contributing strongly to the bank’s capital, Mediobanca SpA’s analyst Christopher Wheeler told Bloomberg.
Last November, Credit Suisse unveiled plans to enhance its product portfolio in Qatar this year and to add asset-management services that will be available to both local and overseas investors.