Despite Thailand’s evident US$272 billion high net worth opportunity, the segment’s tendency to retain as much as ten times of its wealth onshore compared to offshore makes unlocking such wealth no easy task.
That said, a combination of seasoned expertise in specifically servicing the segment, combined with synergistic collaborations, has helped Credit Suisse advance its standing among the nation’s more than 91,000 high net worth individuals.
While others may scramble to deliver offshore solutions from the same pool of markets and products to Thai clients, Credit Suisse has managed to successfully leverage its local licenses to deepen relationships domestically. And it helps that its investment bank is among the leading equity houses for institutional clients in the region.
The bank’s ability to offer sell-side research and capabilities in stock financing, primary and secondary financing, and the close partnership that it enjoys with the private bank, help create liquid wealth for clients.
Still, products and platforms alone are not sufficient. The bank’s high net worth drive in Thailand is spearheaded by a team of private bankers alongside investment and wealth planning specialists whose average experience exceeds a decade and 15 years respectively. The bank continues to actively hire and retain Thai talent, most notably by offering lateral opportunities to move back onshore or vice-versa and the initiative has been widely received.
The proof is indeed in the pudding. Although the wealth of Thai high net worth individuals contracted slightly by 3.7%, Credit Suisse’s asset acquisition exercise did not slow in 2015, with such assets under management growing 45% year on year.
With its veteran front office experience, and stellar collaborative track record across businesses within the bank, marking it a notch ahead of offshore competitors in Thailand, Credit Suisse is deservedly the winner of the Best Private Bank – Thailand International 2015 Award.