THE TELEGRAPH: Credit Suisse has become the first major bank to target the pink pound with a bespoke private banking service provided by gay advisers.
The Swiss banking giant’s new service will cover all the traditional aspects of private banking, alongside tailored services to deal with events such as civil partnership and adoption.
Credit Suisse said that gay role models - such as Boris Johnson’s chief of staff Nicholas Boles - have helped boost the confidence of the younger gay community - leading to an increased desire to be dealt with by those that understand their lifestyle.
Many of the bank’s rivals, including HSBC, Barclays and UBS, offer no specific service or products for the lesbian, gay, bisexual and transgender (LGBT) community. UBS said that it does not “segregate clients in this way”, while HSBC offers other dedicated services such as a diamond and jewellery arm and a family office within its private banking business.
Stephen Connolly, who is leading the Credit Suisse service, said: “Clients with us have no need to explain their lifestyles or - as we know happens in some cases - almost feel the need to justify the way they choose to live their lives.”
With earnings of £81bn last year, Britain’s 3m-strong gay and lesbian community could provide a lucrative client list for Credit Suisse. As Mr Connolly, 38, points out, the majority have no school fees to contend with, freeing up much of their short-term finances and allowing for greater risk taking and earlier retirements. Credit Suisse Targets Same Sex in the City >>> By Emma Thelwell | Auguat 17, 2008
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