Credit Suisse will form an asset management company with Qatar's sovereign wealth fund, a deal meant to help the Swiss lender reduce its reliance on investment banking and tap into the wealth of emerging markets, while enhancing the Gulf state's ambitions to create a financial hub and reduce its dependence on gas exports.

Switzerland's second biggest bank by market value, which like most of its rivals is slashing costs as it struggles to recover from the 2008 financial crisis and cope with Europe's sovereign debt turmoil, said it is joining forces with Qatar Holding to create Aventicum Capital Management, which will have a hub in Doha and an international centre outside of the region.