BEST PRIVATE BANK – AUSTRALIA
The sea changes that have surged through the Australian wealth management industry during recent times led to significant consolidation as a number of international banks decided to exit the market. Credit Suisse, however, remains fully committed to the country where its dedicated presence and differentiated model has bolstered its penetration of ultra-high net worth and high net worth clients with its business growing apace. Its private bank client base has also become more diverse over time, extending to foundations, charities and endowments, family offices, entrepreneurs and successful business owners and retirees.
Indeed, Credit Suisse leads the market with strong growth in both profitability and revenue in 2017, while AUM also doubled during the past two years. The leap in revenue YoY was especially significant for its recurring income and lending businesses, while the private bank’s Australian external asset management (EAM) business, launched in 2015, cemented a dominant position with its multi-asset and multi-currency loan platform.
In 2017, Credit Suisse launched its Digital Private Banking platform in Australia, creating a new multi-channel service delivery model combining a digital and direct client experience, and this is anticipated to become a key driver of future business growth.
The private bank also delivers top quartile discretionary portfolio management with a long-term track record of outperformance versus the benchmark. Its DPM services are now extended to its EAM client base, further cementing Credit Suisse’s pioneering status in the Australian wealth management market.
Credit Suisse is Asian Private Banker’s Best Private Bank – Australia for 2017.
“Credit Suisse Private Banking Australia celebrated its 10th anniversary in 2017, marking a decade of success. In a market where there has been significant consolidation in the wealth management industry, Credit Suisse is strongly positioned as one of the very few global banks with a true private banking model,. We set about the long term process of building a team of advisors who shared the transparent values of a new style of private wealth management. Our advisors are paid a fixed salary with a discretionary bonus that takes into account a number of measures such as client satisfaction and adherence to compliance guidelines. Now this is commonplace. At the same time, we worked closely with our leading investment banking franchise to provide innovative and tailored integrated solutions to UHNW entrepreneur clients.”