Credit Suisse says its focus on entrepreneurs in Asia is paying off, and expects more growth this year.
Credit Suisse expects a robust performance from regional capital markets this year, Asia Pacific CEO Helman Sitohang said in an interview with «CNBC». Sitohang claimed his bank is reaping the rewards of working with first- and second-generation entrepreneurs in the region, in comments at the Swiss bank's annual Asian investment conference in Hong Kong.
His optimism comes after Credit Suisse last year cut its markets and trading division markets and trading division in a vast overhaul last year to adapt to business drying up. Sitohang, an engineer-turned-investment banker, said last month the unit is now the right size for his taste following the cuts, which ended in autumn.
Why does he think the region's capital markets will lift off this year? He expects U.S. policymakers to hike interest rates four times this year, he told the broadcaster, boosting the global economy along with the U.S.'
After moving onshore in Thailand in 2016, Switzerland's second largest bank is due to open a wealth management unit in Manila, Philippines in the coming months.
