Credit Suisse plans to expand its wealth management operations in the US and will “assess acquisition opportunities,” private banking chief ...

Credit Suisse plans to expand its wealth management operations in the US and will “assess acquisition opportunities,” private banking chief executive Walter Berchtold told an investors’ conference yesterday.

He also said that the bank will “explore opportunities in Belgium, Central and Eastern Europe, Turkey and India.”

But large acquisitions may not be on the agenda.

“We do not need to make major, transformational acquisitions to fulfil our strategic goals,” said Oswald Gruebel the bank’s chief executive.

Credit Suisse aims to increase profit by making the company's investment banking and wealth management units work together to sell new products and services.

The strategy, which included dropping the Credit Suisse First Boston name, helped generate SFr250 million in pre-tax cost savings last year, the investors were told.