Credit Suisse’s private bankers will need to focus more on building their books in each of the bank’s markets across Asia and stop focusing on offshore wealth concentrated in Singapore and Hong Kong.
Francesco de Ferrari, the head of private banking in Asia Pacific at Credit Suisse, is urging his bankers to move their focus away from the overall, regional approach of building critical mass in Asia. Instead, the bank needs a viable size in each of its 11 key markets in Asia, de Ferrari told «Bloomberg». Viable size for the banker means at least $10 billion in assets.
Faster Growth in Onshore Banking
After the rush to Hong Kong and Singapore in recent years, banks such as Credit Suisse will now have to direct their attention to places such as Manila, Jakarta and Shanghai instead. Onshore wealth assets in Asia is seen growing by an annual 10 percent through 2025, according to McKinsey, «Bloomberg» said. Offshore wealth meanwhile, concentrated in Singapore and Hong Kong, will grow 6 percent to 7 percent over the same period.
«Over the last six, seven years, as our assets doubled overall in Asia, our onshore tripled,» de Ferrari said in the interview.
