Initially, the bank will provide its private clients with access to Russian bond and equity markets in addition to classic banking services such as cash and deposit accounts, before expanding the offering to include international securities, mutual funds and structured products.
Credit Suisse believes that Russia offers significant wealth creation opportunities as a result of its dynamic economic development, according to Maya Salzmann, market area head of private banking UK, international and Eastern Europe.
"We are highly committed to the Russian market and have been expanding our knowledge of the region for almost three decades," he said.
Alexis Rodzianko, head of private banking Moscow, added: "As a global player with extensive local expertise, Credit Suisse is well positioned to meet the needs of Russian clients, who are increasingly looking for local access to global execution capabilities and comprehensive solutions that are tailored to their requirements."
Credit Suisse expanded its private banking presence in the Russian market with the opening of its representative office in Moscow in 2003 and representative office in St Petersburg in 2005.