Credit Suisse is reportedly planning to expand its China onshore presence in a bid to bolster its wealth management business.
The Swiss banking group is also eyeing expansion elsewhere in the Asia-Pacific region, Credit Suisse CFO David Mathers told Reuters in an interview.
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Mathers noted that the group was planning to raise its interest in its securities joint venture in the region to 100% ‘as soon as realistically possible’.
He also said that the firm intends to widen other private banking business in China through expanded licences.
Mathers was quoted as saying by Reuters: “We are looking at what other license applications we can make in China to expand our onshore private banking interests.
“Clearly, we’re also very interested in our activities around the Asia Pacific region, not just directly in China, but in other markets as well.”
Credit Suisse posted a 17% revenue drop in its standalone international wealth division this week, due to set backs in its core business outside Asia last year.
Strengthening workforce
As part of its strategic changes and plan to add more personnel to the lending arm, Credit Sussie is looking to add more client relationship managers to the business.
Mathers said: “We’re always in the market for quality executives to join the platform, and I think you’ll see us make those recruitments.
“I think clearly we’ll look at making longer-term strategic change there to actually strengthen that business further.
“But I think I think the most important point is probably going to be an expansion of lending activity as we actually commit more capital to IWM in the course of 2021.”
In August last year, it was reported that Credit Suisse is looking to double its employee strength in China over the next five years.
At the time, Credit Suisse Asia CEO Helman Sitohang told Bloomberg: “China is our strongest focus when it comes to headcount, and infrastructure growth compared to any country in the world.
“The worst of Covid’s impact on the region’s business activity is behind us.”
