Press Release 27 Jan 2016

Dublin, January 27, 2016 - Taoiseach Enda Kenny today officially opened the first Credit Suisse Trading Floor in Dublin, making Ireland an important hub for the bank’s Prime Services Business in Europe.  The opening of the new floor will house circa 100 positions in Dublin, including 40 trading, risk and capital professionals and 60 support roles.

The key parts of the Prime Services business that will operate out of this location include Prime Brokerage, Prime Financing and Securities Lending, all of which serve clients across global markets. The Dublin operation will handle the trading, capital and risk management for the business while the salespeople and relationship managers will remain in London due to client proximity.

The opening of the Credit Suisse AG Dublin Branch (‘CS AG’) follows the Central Bank of Ireland’s announcement in December that it had authorized the bank to establish a branch in Ireland. The branch will be located at Kilmore House in Spencer Dock, at the heart of the IFSC.

Welcoming the announcement, Taoiseach Enda Kenny said, “Today’s welcome announcement of the creation of 100 jobs by Credit Suisse and the opening of its Dublin branch is very significant. It represents a strong endorsement of Ireland's reputation as a leading location for international financial services, building on the very strong job creation achieved in the sector in 2015 as a result of the Government's International Financial Services Strategy, IFS 2020. Supporting job creation in financial services is part of our long term economic plan to keep the recovery going."

Tim O’Hara CEO of Global Markets, Credit Suisse said: “We are delighted to officially open the first Credit Suisse trading floor in Dublin today.  This marks a first for Ireland and for Credit Suisse. The broad talent pool and efficiencies that the capital city has to offer made the decision to deploy operations in Dublin an easy one. Today’s opening further demonstrates our ongoing commitment to continue optimally serving our clients. We have made considerable investment in infrastructure and technology, all of which will help enhance our client offering.” He continued: “We have long admired Ireland’s commitment to and vision for the country’s future as a European financial services center and we are excited to establish our Prime Services business here.”

We are delighted to officially open the first Credit Suisse trading floor in Dublin today.  This marks a first for Ireland and for Credit Suisse. The broad talent pool and efficiencies that the capital city has to offer made the decision to deploy operations in Dublin an easy one. Today’s opening further demonstrates our ongoing commitment to continue optimally serving our clients. We have made considerable investment in infrastructure and technology, all of which will help enhance our client offering. We have long admired Ireland’s commitment to and vision for the country’s future as a European financial services center and we are excited to establish our Prime Services business here.

Tim O’Hara CEO of Global Markets, Credit Suisse

Also welcoming the Credit Suisse decision to locate their Prime Services business in Dublin, the Minister of Finance, Michael Noonan said: “I welcome the decision by Credit Suisse to become the first ‘third country’ bank to seek to branch into Ireland.  The changes in legislation that were introduced in the Central Bank (Supervision and Enforcement) Act, 2013 by the Government ensured a level playing field for third country banks. I am delighted that such a strong global player has decided to move prime brokerage services to Ireland.  The Government also sees it as an important step in the IFS2020 strategy as led by Minister of State Harris, attracting highly skilled, front office positions to Ireland.  I would also like to take this opportunity to acknowledge the dedicated work of the Central Bank of Ireland and the initiative of the IDA in relation to this project.”

Enquiries
Sofia Rehman, Corporate Communications, telephone +44 20 7883 7373, sofia.rehman@credit-suisse.com
David Kinch or Sarah McDonagh, Hume Brophy, telephone +353 1 662 4712, creditsuisse@humebrophy.com

Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse is able to offer clients its expertise in the areas of private banking, investment banking and asset management from a single source. Credit Suisse provides specialist advisory services, comprehensive solutions and innovative products to companies, institutional clients and high net worth private clients worldwide, and also to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 45,100 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

IDA Welcome Statement:  Credit Suisse
 
Dublin, Wednesday, 26th January 2016 - Minister for Jobs Richard Bruton TD and IDA Ireland, the foreign direct investment agency of the Irish Government, today welcomed the news that Credit Suisse intends to create 100 highly skilled new roles in Dublin at its new Front Office trading floor.

This project is supported by the Department of Jobs through IDA Ireland.
 
Taoiseach Enda Kenny TD with Mr Tim O’Hara CEO Global Markets, Member of Executive Board of Credit Suisse Group AG today officially opened the first Credit Suisse Trading Floor in Dublin, making Ireland an important hub for the bank’s Prime Services Business in Europe.  The opening of the new floor will house circa1 00 positions in Dublin, including 40 trading, risk and capital professionals and 60 support roles.
 
Minister Bruton, who has met senior Credit Suisse executives on a number of occasions in Dublin and London in recent years to discuss potential expansions. said: "Financial services is a specific sector which we have targeted for growth through our Action Plan for Jobs, and we have put in place a range of measures including the appointment of a Minister of State with specific responsibility for this area and a new strategy targeting 10,000 extra jobs. Today's announcement that Credit Suisse is establishing a high end brokerage unit in Dublin and creating 100 highly-skilled jobs here is a major boost for the sector in Dublin, and I wish Tim and the team every success. “

Commenting the Chief Executive Officer of IDA Ireland, Martin Shanahan said: “This is a very significant announcement in terms of the development of international financial services in Ireland. Trading activities have traditionally been exclusively associated with the larger global financial centres and the fact that one of the leading global prime brokers has now selected Dublin as a key hub for this business going forward is highly significant in our view. Credit Suisse will greatly enhance the strong cluster the city has already built up over many years’’.
 
IDA looks forward to working with the company as it implements its plans for the new Dublin operation.   

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