Credit Suisse divides international wealth unit into more regions: Bloomberg

(Reuters) – Credit Suisse Group AG (CSGN.S) is splitting its international wealth-management unit into seven regions from four, in an ongoing push by Chief Executive Officer Tidjane Thiam to regionalize the bank, Bloomberg reported on Monday, citing people briefed on the matter.

Logo of Swiss bank Credit Suisse is seen at a branch office in Luzern, Switzerland October 19, 2017. REUTERS/Arnd Wiegmann/File Photo

The seven regions are Latin America, Brazil, Western Europe, Southern Europe, the Middle East, Africa, and Central and Eastern Europe, the report here said.

The wealth-management unit led by Iqbal Khan will give the regions more autonomy to make decisions, and each will have its own management, Bloomberg added.

An announcement about the split, dubbed “Project Momentum,” could come as early as this week, Bloomberg said, citing the people briefed on the matter.

Credit Suisse did not immediately respond to a request for comment.

Reporting by Shubham Kalia in Bengaluru; Editing by Cynthia Osterman

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