BEST PRIVATE BANK – THAILAND INTERNATIONAL
Credit Suisse’s coverage of the Thailand wealth market has gone from strength to strength in recent years, but 2016 will forever be remembered as the year when the Swiss major ‘went live’ in Thailand, launching a wealth management set-up in Bangkok and effectively cementing its status as the premier provider of private banking services to onshore and offshore Thais, including a large percentage of Forbes’ Thailand’s 50 Richest list.
As with the whole of Credit Suisse’s private banking franchise in Asia, the strength of its offering is underpinned by deep group connectivity that enables the private bank to leverage the Swiss bank’s global investment banking and asset management capabilities to bring Thai clients a full-spectrum of services, including wealth planning, prime services and Thai-specific investment opportunities and financing. The new wealth management unit was set up leveraging its market-leading local securities entity which has already been operating in Thailand for 16 years and has intimate knowledge and understanding of the needs of local private, corporate and institutional clients.
Onshore-offshore synergies were further enhanced between its new Bangkok-based client coverage team and its regional private banking hub in Singapore where more than 200 solutions and products specialists are based. Furthermore, Credit Suisse’s unique multi-shore collateral has opened up exclusive lending possibilities for Thai entrepreneurs.
Today, the Thailand onshore and offshore team – the majority of whom are Thai with extensive experience in international investment and wealth management with both local and global financial institutions – has an average private banking experience of over 10-15 years and a stellar retention rate. Especially notable is the landing of a 30-year veteran to head out the bank’s wealth management operations in Thailand – a hire that was widely recognised in the market.
The results speak for themselves. Credit Suisse has posted strong double-digit CAGR in assets under management and revenue over the past four years, exceedingly high net new money growth and a double-digit increase in pre-tax profits in the first nine months of 2016.
“2016 was an exciting year as our new wealth management set-up went live in Bangkok, uniquely leveraging our leading local securities entity,” says Christian Senn, market group head Thailand, private banking Asia Pacific, Credit Suisse. “It complements and connects with our teams in Singapore, offering Thai clients access to a comprehensive international investment and wealth management platform via our regional private banking hub. As we continued to further enhance this seamless platform with truly integrated private banking and investment banking capabilities and holistic services and solutions especially for our Thai entrepreneur clients, we have seen accelerated growth momentum in 2016.”
Credit Suisse is Asian Private Banker’s Best Private Bank – Thailand International for 2016.