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Credit Suisse open for M&A, especially in wealth management: CEO

FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland October 28, 2020. Picture taken October 28, 2020. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Credit Suisse CSGN.S is open for acquisitions, especially in its core wealth management business, Chief Executive Thomas Gottstein said on Wednesday.

“Consolidation is needed and will happen,” he told a Bloomberg financial conference. “Our strategy is principally based on organic growth, not inorganic growth, but we also are always open and opportunistic to look at acquisition opportunities, especially in private banking.”

Reporting by Oliver Hirt, Writing by Michael Shields

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