Credit Suisse moved onshore in Thailand, opening a wealth management unit in Bangkok in 2016. Now, the inauguration of the next Asian location is imminent.
Global private banks have been reticent to step away from the traditional comfort zone hubs of Hong Kong and Singapore and commit to onshore wealth management in some of the world's fastest growing economies. Regulations, political uncertainty and the lack of a deep talent pool are among numerous reasons many have held back.
After identifying huge untapped business opportunities in Thailand, Switzerland's second largest lender Credit Suisse launched an onshore wealth management set up with a dedicated client relationship team in Bangkok in 2016.
Using Thai Template
As a result of the Thai experience, the Swiss bank is now about to open the doors on its latest onshore wealth unit in Asia in Manila, as finews.asia can reveal. Not unlike Thailand the economy in the Philippines has been robust and Credit Suisse aims to utilize the Thai template to crack another Asian tiger.
In preparation for the onshore wealth move Credit Suisse named several new executives in the Philippines in July, including a veteran Swiss private banker. Michael De Guzman was named as country manager in addition to his existing role as head of Philippines for investment banking and capital markets.
Executive Appointment
The bank also appointed Christian Senn as market head for private banking in the Philippines. Senn is currently based in Singapore and reports to Benjamin Cavalli.
He was previously market head in Thailand and developed Credit Suisse's private banking business in the Thai market, including the domestic launch last year. Further hires related to the Philippine onshore wealth push are imminentm according to information obtained by finews.asia.
