RUSSIA – Credit Suisse has expanded its activities to Russia, opening a new office in Moscow to serve clients investing internationally.

The move comes as the Russian institutional market appears to be opening up.

The decision to open the new representative office followed analysis by Credit Suisse on market growth in Russia. Says Joachim Straehle, market area head: “Credit Suisse believes that Russia offers considerable wealth creation opportunities as a result of its dynamic economic development.”

Jean-Marie Deluermoz will head up the new office, which, he says, “will act as a point of contact for clients who invest internationally, while also providing information about services and products available in Switzerland.”

The office will enable Credit Suisse to advise its Russian clients on site. It will also look to strengthen its links not only with existing and future clients, but also with lawyers an accountants, says Arnold Leclerq, head of Eastern European Markets and Russia at Credit Suisse.

Meanwhile, the Russian press is reporting that the Economy Ministry has proposed the introduction of a concessional taxation regime for institutional investors on the Russian financial market. The reforms were reportedly discussed during a government meeting yesterday.