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  1. Wealth
October 8, 2009

Reuters: Credit Suisse looks for billions from Asia

By Spear's

SINGAPORE (Reuters) – Credit Suisse (CSGN.VX: Quote, Profile, Research, Stock Buzz) is looking to hire experienced private bankers and hopes to increase its Asian private banking business through net new assets growth of 15-20 percent per annum over the next three years.

SINGAPORE (Reuters) – Credit Suisse (CSGN.VX: Quote, Profile, Research, Stock Buzz) is looking to hire experienced private bankers and hopes to increase its Asian private banking business through net new assets growth of 15-20 percent per annum over the next three years.

The Swiss bank is targeting 35 to 45 billion Swiss francs in new client money between now and end-2012, adding to the 62 billion Swiss francs ($60.3 billion) in Asian assets under management it had at the end of June, Asia Pacific head of private banking Marcel Kreis said on Wednesday.

“This year, we’ve added over 20 senior bankers and we’ll continue to add to our team… We really haven’t missed a beat throughout the crisis,” he told the Reuters Global Wealth Management Summit in Singapore.

Credit Suisse fared better than most of its rivals during the financial crisis of 2008 and early 2009 and currently has one of the strongest capital positions among large Western banks.

In Asia, the bank has continued to hire experienced private bankers despite the downturn and its recent recruits include UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) veteran Tee Fong Seng who is now Credit Suisse’s vice chairman for Asia Pacific private banking.

To read the full story, visit reuters.com

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