Credit Suisse is to abandon its plans to set
up an onshore private banking business in Taiwan.
According to an unnamed source familiar with
the matter, Credit Suisse terminated its private banking launch in
Taiwan and will concentrate on growing the business in Asia-Pacific
through its existing operations across the region.
Credit Suisse is realigning its resources and
adjusting capacity, but remains committed to growing its private
banking business in Asia, the source said.
Focus on scalable
According to Credit Suisse’s statement,
current subdued economic growth and the low interest rate
environment globally, as well as greater capital requirements, led
the bank to change the strategy to focus on “scalable
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Assets under management (AuM) at Credit
Suisse’s private banking arm in Asia-Pacific stood at CHF78bn
($85bn) as at 30 September.
Net new assets (NNA) in the region reached
CHF10bn for the first nine months of 2011, representing 28% of
global NNA, which amounted to CHF34bn.
Credit Suisse’s private banking business in
Asia-Pacific employed 370 client relationship managers as at 30