After a record quarter for profits in Asia, Credit Suisse’s APAC executive Helman Sitohang reiterated the bank’s confidence in the region and its ability to remain both committed and balanced, irrespective of geopolitics.
Despite reports that Credit Suisse was amongst the banks recently named for reportedly broadening scrutiny of politically exposed persons (PEPs) in response to new legislation in Hong Kong, its Asia chief executive Helman Sitohang reiterated the bank's commitment.
«But we are very committed to the region. We want to use [the record second quarter] as momentum to grow our franchise in Asia,» Sitohang said yesterday in a post-results conference on operational effects from either the national security law in Hong Kong or U.S. sanctions.
«There’s a strong and clear commitment from the firm and the board to continue to invest in Asia. In short, I am very excited about the opportunity for the region.»
Committed Yet Balanced
«We obviously are very strategic when we allocate resources,» Sitohang said about the effects on Asia from souring global relations.
«For us, it’s important we are focused on making sure that we operate within the right regulatory framework, within the laws of the country we operate in as well as the international framework within that. I think we have shown that we are and we can be very committed yet at the same time very balanced in our approach.»
Diversified Wealth Drive
«We will continue to focus on building up the infrastructure and positioning across platforms not only in China and Hong Kong but also across the region,» he said highlighting the private banking franchise.
Although China’s gargantuan market is an obvious draw for any wealth manager in the region, Sitohang illustrated that Credit Suisse’s private banking commitment to Asia was not limited to the second-largest economy.
«I want to emphasize that we have a significant presence in Singapore which is a very important hub for us. We are also focused on other markets such as India and Thailand.»
WM Onshoring
In addition to reiterating the bank’s commitment to investment banking and capital markets – now newly merged alongside risk and compliance into a single unit – Sitohang also underlined the importance for the private bank to focus beyond not just China but also the offshore hubs of Hong Kong and Singapore.
He named recently hired heavyweights including Wang Jing from China Merchants Bank to head its onshore unit in the mainland; Credit Suisse re-joiner Edwin Tan to head its onshore unit in Thailand; and ex-UBP banker Puneet Matta to head its onshore unit in India where he claims it is «the only global bank with a significant and meaningful private banking presence».
«We are a big believer that onshoring for our wealth management business is critical,» Sitohang added.
