Credit Suisse have received a broker-dealer
licence in Chile which will allow the bank to provide HNW and UHNW
individuals in Chile with a range of wealth management services
locally.

Head of Credit Suisse private banking in Latin
America, Silvan Wyss, said that Chilean private investors are
increasingly demanding a more sophisticated approach to wealth
management.

Credit Suisse also said that this license is
part of the bank’s Latin America and emerging markets growth
strategy.

This strategy has seen Credit Suisse set up
onshore wealth management businesses in Brazil, Mexico and Panama
in the past five years. Credit Suisse have been present in Chile
for more than a decade.

 

Chile’s growing
wealth

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According to a Credit Suisse’s report released
in 2010, Chile’s average wealth has more than doubled from $10,000
per capita in 2000 to $25,000 in 2010.

In January’s edition of PBI, Jose Becerra,
senior partner and managing director for the Boston Consulting
Group in Latin America, offers an in-depth report on the
region.

Becerra says that Brazil, Mexico and Argentina
will remain the biggest markets in the region, but that growth will
be larger in Chile and Columbia.