To better service this segment, Credit Suisse has hired relationship managers that boast an average of ten years’ experience and the relevant skill sets to leverage the capabilities of the investment bank. This foresight paid dividends in 2013 as Credit Suisse increased revenue generated from cross-divisional solutions between the private bank and the investment bank by 125% across its Asia Pacific private banking business as a whole.
Its focus on its UHNW clientele has confirmed Credit Suisse as the billionaire’s choice in the Philippines and it is able to provide a diverse product range from family office services to ship and aircraft financing solutions. However, the bank not only has a share of its clients’ wallet, it also has their trust. Clients have responded to the high level of service they enjoy by investing in discretionary mandates and other managed products – fees from managed assets accounted for a high proportion of the private bank’s revenue in 2013.
Credit Suisse’s targeting of the UNHW segment, the strong cross-divisional links it has created and its deep understanding of its client base ensured its dominance of the nation’s wealth management market in 2013. Asian Private Banker is in no doubt that Credit Suisse is the deserved winner of the Best Private Bank – Philippines award.