BEST PRIVATE BANK – ASIA
Though the conversation may have skewed towards Asia’s impending intergenerational wealth transfer and the growing need for preservation and planning services, a dominant pool of Asian UHNWIs remain in the wealth accumulation phase, with ambitions to develop global businesses and world class products. This fact has not been lost on Asia’s private banking industry, and universal banks are using their scale and diverse capabilities to deliver ‘one bank’ solutions to clients. In 2016, Credit Suisse demonstrated that it is the ‘one bank’ leader to be reckoned with.
By partnering with its top-tier investment banking arm, Credit Suisse’s private bank successfully delivered bespoke financing solutions and a leading multi-asset trading platform to UHNWIs and family offices throughout Asia.
But its success is not solely attributable to the group’s investment banking prowess or the infrastructure it has put in place to enhance synergies within the group. The remainder of Credit Suisse’s private banking business across advisory and discretionary registered strong growth, notching up impressive returns that showcase its due diligence capabilities. And who can forget the private bank’s blockbuster delivery of a fixed maturity bond fund to its broader high net worth client base – a collaborative play with Credit Suisse’s asset management arm that prompted the industry to follow suit.
Ultimately, the results speak for themselves: consistent multi-year net new asset growth, totaling more than CHF80 billion in the past few years, revenue growth significantly outpacing the industry average even in challenging market conditions as last year, and deep and focused coverage of the region’s top UHNWIs.
“For more than a decade, Credit Suisse has been committed to serving its clients in Asia on an integrated platform with strong private banking and investment banking capabilities,” says Francesco de Ferrari, head of private banking, Asia Pacific and CEO Southeast Asia, highlighting that the successful approach to the business is to treat it as a marathon and not a sprint.
“This business model has been further solidified in Asia Pacific since October 2015 when the bank combined private banking and investment banking into one business division in the region, with integrated coverage and platform delivery that supports entrepreneur clients’ corporate and private wealth growth. With our vision of being the ‘Entrepreneurs’ Bank in Asia’, we are convinced this is the most relevant and powerful business model for Asian clients for where they are at in their business and wealth cycles.”
Despite a material slump in investor appetite, driven in no small part by market uncertainty, Credit Suisse pushed back against the headwinds, posting positive growth across a balanced and diversified mix of business lines in its private bank.
Asian Private Banker is proud to name Credit Suisse Best Private Bank – Asia for 2016.