Swiss private bank Credit Suisse is reportedly planning to bolsters its private banking business in Asia by raising headcount or acquiring a smaller peer, according to Reuters.
The bank’s Asia chief Helman Sitohang in an interview to Reuters said: "We are open to opportunities to grow the business via acquisitions.
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"There’s a challenge industry-wide in Asia for experienced private bankers, but we have a number of solutions including training new staff at our Wealth Institute in Singapore or bringing them in from outside Asia.
The comments come after the bank’s CEO Tidjane Thiam unveiled plans to set out a new strategy by end of 2015. This strategy is expected to focus more on Asian wealth management and scale back investment banking.
Credit Suisse’s pretax profit has almost doubled in the first half of this 2015 in the Asia Pacific region.
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