A consistent force in the private wealth management market Down Under, this is Credit Suisse Private Banking’s second straight win in this segment, and its third since the Awards for Distinction were inaugurated in 2011.
This is no mean feat in a mature industry where competition from other established players is as relentless as ever from year to year. Credit Suisse as a group has maintained a strong presence in Australia for over 40 years; it set up its private banking arm in 2007 and has not looked back since, with revenues growing significantly strongly in the past year alone.
Among its strength, unsurprisingly, is not just an impressive global footprint that provides worldwide execution capability across a broad range of products and services, but also comprehensive offerings to meet local clients’ needs, such as total corporate solutions for mid-
market corporates and UHNW (purchase disposal, financing/leverage, hedging or M&A, flexible multi-currency lending capabilities etc.
Credit Suisse Private Banking Australia had also in 2015 notched up material cross-pollination deals between the private banking and investment banking businesses. This comes on the back of one, the group’s reputation as a leading investment bank; and two, its strategic positioning as a bank for entrepreneurs. Together, they offer strength in the form of integrated and sophisticated solutions for both UHNW and HNW clients alike.
This is all the more impressive given that the Australian economy has struggled over the past year amid a fall in mining investment, following an unprecedented boom. The nation’s GDP grew nearly 1% in Q3 2015, while the estimate for Q2 was revised upward from 0.2% to 0.3%. The main drag, analysts note, was a 4% drop in investments, with private investments down by 2.9% and public investment down by 9.2%.
With its wide-ranging strategies and product options – such as its keenly growing discretionary portfolio management offering – Credit Suisse Private Banking Australia has shown that it is more than capable of excelling in any market, up or down. It is without doubt the deserved winner of 2015’s Best Private Bank – Australia Award.