Credit Suisse is trying to lure investments from wealthy clients in Asia by offering higher deposit rates than its competitors, Reuters has reported citing people familiar with the development.

The move is also aimed at reducing outflows and halt the exiting of bankers from the beleaguered Swiss private bank.

It includes Credit Suisse offering a 6.5% rate per annum on new deposits of $5m or more for a period of three months, three unnamed sources told the publication.

The rate for the bank’s one-year deposits goes as high as 7%, added the sources.

A Credit Suisse spokesperson was quoted by Reuters as saying: “The banking sector has been responding to global rate hikes with higher rates and Credit Suisse is fully focused on providing our clients with differentiated advice and competitive solutions.”

The new offers are around 100 to 200 basis points more than those provided by the bank’s major rivals in the region, including JP Morgan, UBS and Citi Group, according to two of the sources and a senior wealth manager.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Representatives for JP Morgan, UBS and Citi did not immediately answer to requests for giving an update on the matter.

The latest development comes close on the heels of Credit Suisse being rebuked by the Swiss Financial Market Supervisory Authority (FINMA) for its poor handling of the business related to now defunct financier Lex Greensill and his companies.