Crédit Agricole (Suisse) is to open a booking centre in Hong
Kong to expand its Asian private banking services after being
granted a full banking licence by the Hong Kong Monetary
Authority.

The move will allow the European bank’s to
expand its Asian product portfolio and deal in renminbi, tapping
the growing high net worth (HNW) market in Greater China.

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OCBC launched two offshore deposit products
designed to benefit from an appreciating offshore renminbi in
March.

OCBC’s launch reflects increasing demands from
sophisticated HNW investors looking to diversify their investment
portfolios with exposure to Chinese renminbi.

 

Established HK presence since 2007

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Crédit Agricole (Suisse) established a Hong
Kong branch under a restricted banking licence in 2007. The Hong
Kong operation now employs 88 people.

Crédit Agricole (Suisse) currently operates
under an offshore bank licence in Singapore and has a booking
centre there.

The bank’s Suisse group has more than CHF50bn
($54bn) under management and 1,400 staff across 11 countries.