Swiss banking group Credit Suisse has secured a licence from the Securities and Exchange Commission and go-ahead from the Bangko Sentral ng Pilipinas to establish a representative office for its wealth management business in the Philippines.

The move is aimed at tapping the growing onshore wealth in the Philippines, where according to Credit Suisse Research Institute’s Global Wealth Report 2017, the number of UHNWIs with over $50m in net wealth rose 13% since 2000 to over 400 in 2017.

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Total household wealth in the Southeast Asian country increased by 10.7% during the same period to reach $662bn, the report stated.

Credit Suisse head of private banking for Southeast Asia and CEO for Singapore Benjamin Cavalli said: “The Philippines is an important part of Credit Suisse’s Southeast Asia franchise and we are committed to continuing to expand our domestic footprint in the Philippines and across Southeast Asia.

“With the new Representative Office, we aim to strengthen our links with existing and future clients, providing them with information on products and services while facilitating deeper communication with them.”

The bank already offers financing and advisory services in the Philippines, as well as also runs an onshore brokerage business in the country, supporting equity research, sales, sales trading and execution.