Credit Suisse is reaping the benefit of meshing its wealth management arm with its investment bank, according to the Swiss bank's top private banker in Asia.
Credit Suisse is attempting to target wealthy Asian entrepreneurs with a combined wealth and investment banking offering – and the bank is reaping the benefits of this strategy, says Francesco de Ferrari told the «Business Times,» (behind paywall). De Ferrari is the Swiss bank's head of private banking in the region.
Singapore-based de Ferrari said he is keen to use an uptick in business in Asia so far this year to increase fee-based services – a coveted source of revenue for banks because they are recurring and regular.
Pushing Onshore
The bank has recorded a fillip in discretionary mandates in the region, but de Ferrari wants more. The Swiss banker expects paid advisory services to underpin Credit Suisse's revenue in Asia in the future.
He also plans to keep pushing Credit Suisse out of major hubs Hong Kong and Singapore. After setting up onshore in Thailand two years ago, Switzerland's second-largest bank is due to open a wealth management unit in Manila in coming months.
