Credit Suisse plans to launch the business in the first half of 2023. Credit: geralt from Pixabay.

Credit Suisse has secured regulatory clearance from Chinese authorities to introduce a wealth management business in the country, Reuters reported citing a company memo.

The bank plans to launch the business in the first half of 2023 with an aim to tap the county’s CNY27tn wealth market, stated the memo that was substantiated by a company representative.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Recently, the bank’s China joint venture (JV), Credit Suisse Securities (China), received an investment consultancy licence for developing and distributing equity research offerings onshore as well as offer investment advisory solutions, added the memo.

In September last year, Credit Suisse named Jing Wang as CEO of the JV.

Furthermore, the company received greenlight for proprietary trading services and to widen the reach of its brokerage business across China.

Earlier, the brokerage business was limited to the southern city of Shenzhen.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In an emailed statement to Reuters, Credit Suisse CEO of APAC Edwin Low said: “We are pleased to have received these licences as it marks a key milestone in offering wealth management services onshore in China, which is the fastest growing wealth market in the world.”

Credit Suisse wealth management head for Asia Pacific Benjamin Cavalli stated that the firm “plans to double the number of relationship managers in China in 2023.”

However, Cavalli did not provide the exact number of relationship managers currently being engaged by the firm.

The bank’s plan to increase workforce at its wealth unit contradicts its previous initiative to cut jobs after it embarked on a global restructuring in October last year.

This rearrangement paved way for spinoffs and layoffs at the bank.

The job cuts reportedly included around one-third of the bank’s investment banking positions in China.