Credit Suisse to set up bank hub in Madrid post-Brexit

Credit Suisse will set up investment bank hub in Madrid moving it from its current location in London after the UK has left the European Union for good in 2021.

The bank has asked for a banking license to the Bank of Spain and the European Central Bank to upgrade its brokerage in the country into a bank, Expansion reported on Monday, quoting Wenceslao Bunge, Credit Suisse’s chief for Spain and Portugal.

The bank previously considered moving its investment operations in Paris but eventually opted for one centre in Madrid.

“We believe in the country and the advantages it offers. Spain has a very important competitiveness position,” Bunge said, according to Expansion.

Credit Suisse has already transferred 50 employees to the Spanish capital.