Credit Suisse names a renowned private banker for the Thai market as its head of wealth management for the market, according to an internal memo seen by finews.asia.
Edwin Tan has been named head of wealth management Thailand, effective immediately, in addition to his existing role as head of advisory and sales for the market.
Tan has a functional reporting line to Marcus Slöör, market group head for Thailand and Vietnam; a local reporting line to Chris Prasertsintanah, Thailand country manager; and a dotted reporting line to Claude Harbonn, head of investment consulting, Singapore.
A spokesperson for the bank confirmed the appointment.
Thai Private Banking
Credit Suisse is amongst the small handful of foreign banks covering private wealth in Thailand with a domestic presence. Tan is an 18-year Thai banking veteran and before rejoining Credit Suisse, he served a stint with onshore foreign rival Julius Baer via its joint venture with Siam Commercial Bank, SCB Julius Baer, as its head of investment advisory and solutions.
«Credit Suisse was the first international wealth manager to establish a presence in Thailand in 2016,» said Slöör, in the internal memo. «[Tan’s] extensive management experience, coupled with his deep knowledge of the Thai market, will be invaluable to further growing our wealth management franchise in Thailand.»
According to the recent 2020 World Wealth Report by Capgemini, Thailand was home to 134,000 high net worth individuals in 2019-end, a 5.5 percent uptick from the previous year's 127,000.
