Swiss private banking giant Credit Suisse has created a family office services unit at its Hong Kong offices to lure rich Chinese families.
The new unit will provide coverage for customers in Greater China, which includes Hong Kong.
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Credit Suisse family office services unit created after high demand
Credit Suisse’s head of private banking for North Asia Francois Monnet in a statement said that the number of clients seeking family office services has increased significantly in recent years as family offices in Greater China become popular.
The family office services unit will develop private investment vehicles for wealthy Chinese families and their offices.
It also offer clients services related to managing the succession at family-owned firms.
The Swiss private bank has appointed Tan Mae Shen as chief of the family office unit.
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By GlobalDataShen, who joined Credit Suisse in 2017, will be based in Hong Kong.
Previously, he worked with business families across Southeast Asia, Hong Kong, China and the Middle East, according to Reuters.
Credit Suisse reported net income attributable to shareholders of CHF749m for the first quarter of 2019. However, its performance in Asia Pacific was lacklustre.
Pre-tax income at Credit Suisse’s Asia Pacific division slumped 22% to CHF183m from CHF234m. Net revenues at the unit decreased 14% to CHF854m on a year-on-year basis.
Last month, PBI reported that Credit Suisse intends to increase its shareholding in its China securities joint venture (JV), having reached an agreement with Founder Securities.
Credit Suisse followed the lead of fellow Swiss banking giant UBS, which grew its stake in its own China securities JV to 51% in December.
This trend owes itself to an end to rules by Beijing dictating that global investments banks could own no more than 49% of joint ventures in China.
HSBC are another bank to have recently taken advantage of this.
