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Credit Suisse expanding Asia private wealth team

Credit Suisse expanding Asia private wealth team

(13 May 2016 – Asia) Credit Suisse plans to hire additional staff to build on the increase in Asian private banking profits it has achieved in the last quarter.

Under newly appointed Chief Executive Tidjane Thiam, the bank has made Asia its priority region for growth. However, it is still struggling overall and reported its second consecutive quarterly loss on Tuesday.

The results were the bank’s worst start to a year since the financial crisis.

In the Asia Pacific region, however, Credit Suisse's net new assets for private banking rose to 4.3 billion Swiss francs (A$6.05 billion) in the first quarter.

Net new assets attracted by Switzerland's second biggest bank had dropped to 3 billion Swiss francs in the December quarter from 6.6 billion in April-June 2015.

Credit Suisse is aiming to increase the number of relationship managers in Asia Pacific for its private banking business to 800 by 2018. In the March quarter, it made 40 new hires, taking the total headcount to 630 by end-March, up from 530 a year ago, Asia Pacific Chief Executive Helman Sitohang said.

"We still have lot of opportunities within the firm and within the region despite challenging markets," he said.

Credit Suisse, however, continues to lag in the region behind its larger Swiss rival UBS, which posted growth of about 7 percent in net new wealth management assets in the first quarter.

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