A bank known to high-net-worth individuals around the world, Credit Suisse is taking its brand of private client services Down Under.

The bank will launch a private banking business in Australia later this year following the appointment of Cedric Davies to head the division starting September 1.

Davies will report to Reto Marx, market leader for Australasia, and to David Trude, Sydney branch manager and country head.

Davies joined Credit Suisse in May 2005. Prior to that, he held private banking advisory roles with Macquarie Bank and Deutsche Bank in Australia.