Credit Suisse recently marked the first anniversary of onshore wealth management in Thailand. The Swiss bank will now open in another Southeast Asian country.
The move comes as Switzerland's second-largest bank obtained regulatory approval from Philippine financial regulators. Credit Suisse (CS), said in a media statement on Thursday it will establish a representative office in the Philippines for its wealth management business.
In preparation for the move CS named several executives in the Philippines in July 2017, including a veteran Swiss private banker. Michael De Guzman was named as the country manager in addition to his existing role as head of Philippines for investment banking and capital markets.
Widening Asian Footprint
Christian Senn, a 30-year veteran of CS private banking, was also appointed market group head for private banking in the Philippines, based in Singapore.
Senn will head the rep office in the interim while a head of the office (based in Manila), is appointed. Currently CS has Philippines coverage teams in Singapore and Hong Kong.
The Manila rep office augments the banks private banking footprint across the region. CS now has international wealth hubs in Singapore and Hong Kong and domestic operations in Australia, Japan, India and Thailand.
