Credit Suisse will make China a central part of its Asia wealth management strategy in the coming years, including an increased focus on the onshore market.
Credit Suisse’s wealth management business will increase its focus on the China market, particularly onshore where it bought out a Chinese partner in its securities joint venture in September.
«Credit Suisse is taking a long-term view of China and we see a huge potential in selling wealth management products to the ultra-high net worth individuals in the world's second-largest economy. The securities joint venture will play a vital role in fulfilling this strategy,» Asia Pacific chief executive Edwin Low told finews.asia.
«China will go through ups and downs, but we're giving the opportunity to acquire 100 percent of Credit Suisse Securities our full commitment. This positions our franchise for the eventual full liberalization of the country’s financial markets.»
Long-Term View
In the coming five years, China, alongside the Hong Kong unit, is expected to account for a major share of headcount growth in Asia at the bank. Currently, Credit Suisse is applying for more licenses to expand its business in mainland China with an eye on becoming a local lender in the long term.
«Our longer-term goal is to also have a locally incorporated bank, which can provide a full suite of wealth management services to onshore clients in China,» Low explained.
