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Credit Suisse targets Middle East wealth management growth

plans toexpand in Saudi Arabia and Dubai to cater to a growing number of MiddleEast-based millionaires, Iqbal Khan, head of the bank's international wealth division,told Bloomberg television.

Thebank expects the number of millionaires in the Middle East to grow to 500,000from 330,000, Khan said in the Sept. 28 interview.

Undera strategy set out by CEO Tidjane Thiam, Credit Suisse aims to build up its clientbase among entrepreneurs and individuals with personal fortunes, Bloomberg Newswrote Sept. 29. The international wealth management division, which coversLatin America, Europe, the Middle East and Africa, has been set a target ofincreasing lending volume almost twofold to CHF56 billion by 2018, the newswirenoted.