Credit Suisse has secured regulatory clearance from Chinese authorities to introduce a wealth management business in the country, Reuters reported citing a company memo.

The bank plans to launch the business in the first half of 2023 with an aim to tap the county’s CNY27tn wealth market, stated the memo that was substantiated by a company representative.

Recently, the bank’s China joint venture (JV), Credit Suisse Securities (China), received an investment consultancy licence for developing and distributing equity research offerings onshore as well as offer investment advisory solutions, added the memo.

In September last year, Credit Suisse named Jing Wang as CEO of the JV.

Furthermore, the company received greenlight for proprietary trading services and to widen the reach of its brokerage business across China.

Earlier, the brokerage business was limited to the southern city of Shenzhen.

In an emailed statement to Reuters, Credit Suisse CEO of APAC Edwin Low said: “We are pleased to have received these licences as it marks a key milestone in offering wealth management services onshore in China, which is the fastest growing wealth market in the world.”

Credit Suisse wealth management head for Asia Pacific Benjamin Cavalli stated that the firm “plans to double the number of relationship managers in China in 2023.”

However, Cavalli did not provide the exact number of relationship managers currently being engaged by the firm.

The bank’s plan to increase workforce at its wealth unit contradicts its previous initiative to cut jobs after it embarked on a global restructuring in October last year.

This rearrangement paved way for spinoffs and layoffs at the bank.

The job cuts reportedly included around one-third of the bank’s investment banking positions in China.