Asian expansion plans
The private banking arm of Credit Suisse is expanding its Asia operations, with plans to double staff and revenue in the region in the next two years and launch a private banking operation in Japan next year.
Speaking at the Reuters Wealth Management Summit in Singapore, head of private banking Asia Pacific Miarcel Kreis said private banking assets in Asia have been growing at around 20 to 25 per cent in recent times, and it is expecting Credit Suisse to reach similar targets.
Kreis said Credit Suisse is currently looking for a chief executive, relationship managers and product specialists with adequate language skills for the launch of the new private banking business in Japan late next year.
“If you look at the Asian Wealth demographics, currently we are looking at $7.6 trillion of assets with the wealthy, 65 per cent of that $7.6 trillion is in Japan and China,” he said.
“In Japan, for example, we have an established investment banking and asset management franchise. The challenge is, how do we translate the wealth management to private banking expertise into a local Japanese context.”
According to Kreis, Credit Suisse has future plans for developing a wider presence in China.
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
