Credit Suisse is acquiring HSBC’s private
banking business in Japan, only two years after the launch its
onshore private banking business. The acquisition, which is subject
to regulatory approval, is expected to close in mid-2012.
The value of the gross assets of the business
being sold was $2.7b as of October 31, 2011 according to HSBC, but
it did not disclose the sale price.
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Credit Suisse said it plans to expand client
coverage through the integration of new offices in Osaka and Nagoya
and aims to boost profitability. Currently the Swiss bank has an
office in Tokyo.
“This acquisition is a demonstration of our
commitment to build a leading private banking business in Japan,
acquire assets, and drive profitability,” said Junya Tani, head of
private banking for Credit Suisse in Japan.
HSBC said the sale is part of its strategy
outlined at the Investor Day in May 2011. The bank’s chief
executive, Stuart Gulliver, wants to cut annual costs by $3.5
billion and sharpen the bank’s focus on Asia by quitting countries
or businesses where it lacks scale.
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