Troubled Swiss lender Credit Suisse has received regulatory approval to launch its onshore wealth management business in mainland China.
Credit Suisse has received approval from Chinese regulators to launch an onshore wealth business, according to a «Reuters» report citing an internal memo, with plans for a rollout in the first half of 2023.
The Swiss lender’s local joint venture, Credit Suisse Securities (China), recently obtained an investment consultancy license to create and distribute equity research products onshore as well as engage in investment advisory services; approval for property trading; and approval for the expansion of its brokerage license beyond Shenzhen to the full country.
Accelerated Hiring
According to APAC head of wealth management Benjamin Cavalli, Credit Suisse plans to double the number of relationship managers in China this year, without providing details on the current count.
In 2022, assets under management at Credit Suisse's global wealth unit plunged 203 billion Swiss francs ($216 billion) to 540 billion francs, due to adverse market conditions and 95.7 billion francs in outflows, of which 92.7 billion francs fled the bank in the fourth quarter.
