|Credit Suisse Targets Wealthiest Mexicans
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Mexico City Credit Suisse said Thursday it is launching a private banking business in Mexico to manage investments for the country's rich, a segment it says is growing, despite a slumping economy.
Credit Suisse's new private banking service will target investors ranging from young entrepreneurs to older business people passing on their wealth from generation to generation, Jorge Rodriguez, the bank's head of private banking in Mexico, told reporters.
Like many emerging markets, Mexico has widespread poverty but also a small wealthy class, including a handful of billionaires.
It's 1, 2, 3, 4, 5 percent of the population, we don't know, Rodriguez said. What we know is that this segment ... is growing very quickly in Mexico.
Credit Suisse already does investment banking and wealth management in Mexico, where the economy is expected to shrink about 2 percent this year as U.S. demand for its manufactured exports dries up.