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Credit Suisse to set up investment bank hub in Madrid after Brexit- Report

MADRID, Aug 31 (Reuters) - Swiss bank Credit Suisse plans to move its European investment bank hub to Madrid from London as Britain has left the European Union, its chief for Spain and Portugal told Spanish newspaper Expansion.

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 or operating from two hubs in Frankfurt and Madrid, 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 not determined how many staff it will transfer to Madrid from London, although 50 employees have already moved to the Spanish capital.

A spokesman for the bank was not immediately able to comment. (Reporting by Inti Landauro and Oliver Hirt, editing by Louise Heavens)