Credit Suisse has lost some ground in the erstwhile boom region of Asia. Unit head and veteran banker Helman Sitohang explained why he is sanguine about the region's headwinds.
Tidjane Thiam, the CEO of the Swiss bank, opened Credit Suisse's 22nd Asian Investment Conference in Hong Kong, an annual event which brings out big corporate names as well as potential investors and clients.
Helman Sitohang, Asian boss of Credit Suisse, exuded optimism, even as China's booming economy cools and casts a shadow over the region. The veteran banker, who has lived through several financial crises to hit Asia, said the region's ability to adapt and emerge stronger from challenging times gives him confidence.
Nothing in Life Goes Straight
«I'm very excited about the region. Obviously there's nothing in life that goes straight up, you always go through the cycle, but the entrepreneurs are very resilience, the people are hard-working, and I think that’s the biggest asset the region has to continue to grow», he told U.S. broadcaster «CNBC».
The Indonesian banker singled out southeast Asia as well as Japan as countries outside of China which are doing well. «This region has an amazing ability to adapt and come back», Sitohang said.
UBS Warning
His comments come shortly after a veiled warning from UBS CEO Sergio Ermotti last week, who said business at both the Swiss bank's main arms was torrid in the first quarter.
Sitohang oversees both investment banking as well as wealth management in the region; the veteran securities banker missed his targets in Thiam's three-year restructuring, as finews.asia noted last month.
