BEST PRIVATE BANK – ASIA PACIFIC
Credit Suisse’s decision to to integrate its banking platform in APAC was nothing short of an emphatic declaration of intent from the Swiss major, which has set its sights on meeting and exceeding the complex private and business needs of Asia’s entrepreneurs. By all measures, the gambit is paying off.
After a resilient, industry-leading performance in 2016 amidst testing market conditions, Credit Suisse’s private banking arm and the wider Wealth Management & Connected (WM&C) business which also includes underwriting and advisory and financing, hit full stride in 2017, buoyed in part by supportive markets but never truly depending on the market environment to drive opportunity and outcome.
Indeed, it is fitting that a firm that positions itself as the “trusted entrepreneurs’ bank in Asia Pacific” is itself the industry’s most entrepreneurial wealth manager, by virtue of its ethos and structure. Credit Suisse’s integrated platform not only facilitates (and incentivises) near-seamless collaboration across the bank – including between PB and IB – but it enables the bank to react efficiently and with agility to client demands and market opportunities as they arise.
With a genuine, region-wide footprint that spans 12 locations – including onshore and offshore markets throughout Asia major – Credit Suisse’s APAC private banking business boasts truly diversified coverage on a single platform; and though all geographies delivered strongly for the bank in 2017.
Another significant feather in Credit Suisse’s cap is its digital offering, which continues to go from strength to strength. Not only did Credit Suisse roll out to Asian private clients its eponymous flat-fee and retrocession-free advisory mandate solution, Credit Suisse Invest, enabled on its digital private banking (DPB) platform, but it also became the first private bank in the region to provide clients with access to an automated account aggregation and reporting tool through its partnership with fintech firm, Canopy.
Ultimately, Credit Suisse notched up record growth and performance in 2017, with WM&C delivering pre-tax income of CHF 581 million, up 73% in YoY terms, helmed by major contributions from the private bank. The quality of private banking revenue has also improved, as evidenced by a more even distribution between transaction-based, net interest income, and recurring commissions and fees. Client assets under management are also rounding the CHF 200 billion milestone, and significantly, the private bank continues to outperform its primary competition in terms of growth and profitability, posting the largest percentage increases in AUM per RM, NNA per RM (including annualised) and PTI.
“In 2017, we delivered another year of strong growth, continuing the momentum in recent years and outperforming the industry. With strong double digit increase in top and bottom line, we continue to demonstrate our revenue agility with strong gains across all three lines – net interest income, recurring and transaction-based revenues. This reflects the unique advantage of our onshore and offshore business model that delivers diversified earnings and is able to realize the unique opportunities in each market. Our comprehensive products and solutions platform as well as our advisory model has enabled Credit Suisse to consistently serve our clients’ private wealth, personal ambitions and business needs in one place. ”
The ‘Excellence’ award is handed out on merit alone. It recognises an institution with private banking facilities that has demonstrated industry-leading and quality business growth, a strong sense of value proposition, fiduciary responsibility and a willingness to innovate.