Credit Suisse, Switzerland's second largest bank, opened its first office in Tel Aviv on Tuesday to expand its services to Israeli companies and individuals investing abroad as the economy enjoys its fifth year of growth. "We believe that there are excellent business opportunities in Israel as a result of its strong economic growth. The booming economy calls for additional financial services. Israeli clients are increasingly demanding more sophisticated financial solutions," said Muli Ravina, CEO of Credit Suisse in Israel at the official opening of the Tel Aviv office. "Many Israeli corporations and individuals are expanding their businesses across the globe and there is a growing demand for leading international > financial institutions to support these efforts." Maya Salzmann, chairman of Credit Suisse Israel, added that the establishment of a local presence further underlined the ongoing commitment of this important growth market and marked a major step in the implementation of the international growth strategy of the bank. "This is an evolutionary process for Credit Suisse, which over the past 20 years has been building its activities in the Israeli market from the bank's Zurich office," said Ravina. "Israeli assets make up 22 percent of the total under management by the private banking division of Credit Suisse. In addition, the country represents the second-largest fee generator in the emerging market group after Russia." Credit Suisse's office in Tel Aviv will provide its investment banking, private banking, and asset management clients locally with a broad range of financial services, fully leveraging the entire expertise and capabilities of Credit Suisse's global platform. Credit Suisse Israel, which holds an Investment Marketing License from the Israel Securities Authority (ISA), will be able to offer a wide range of services and products including equities, bonds, mutual funds, structured products and alternative investments. "The low level of international asset diversification represents an opportunity for comprehensive advice and sophisticated investment products across all asset classes for individuals," said Ravina. "It does not make sense from an economic perspective as to why 90% of the portfolio of public assets was invested in the local market. There has to be a change." Ravina added that following the deregulation of the financial sector and the recent pension market reform, large outflows of long-term savings will be moving outside of Israel over the next few years requiring the knowledge and understanding of institutional market structures.