Credit Suisse is reportedly planning to triple its employee strength in China over the coming three years, continuing its build out in the market that has liberalised its financial services sector.
The bank’s CEO Thomas Gottstein spoke about the latest move on a panel discussion at the China Development Forum, according to Bloomberg.
“We are planning to more than triple our presence in term of headcount in China over the next 3 years and look forward to strengthening our position,” Gottstein noted.
The move ramps up the bank’s previous expansion plans in China.
In August last year, the publication had reported that the bank intends to double its headcount in China over the next five years.
At that time, Credit Asia CEO Helman Sitohang told Bloomberg: “China is our strongest focus when it comes to headcount, and infrastructure growth compared to any country in the world.”
Credit Suisse China inroads
Like other financial majors jostling up for space in the China market, Credit Suisse is also looking to develop its China presence.
In June 2020, Credit Suisse concluded the deal to acquire a majority stake in its China securities joint venture (JV) and named Janice Hu as the chairwoman of the JV.
Last April, the bank received the nod of the China Securities Regulatory Commission (CSRC) to raise its stake in its China JV Credit Suisse Founder Securities (CSFS) to 51% from 33.3%.
In July last year, Credit Suisse appointed Tim Tu as the new CEO of its China securities JV, where the bank now eyes a 100% stake over the next 12 months.
Gottstein said that the bank also seeks a banking licence for its branch to “further enhance our core offering, across our businesses, private banking and investment banking”.
As per a recent report, Credit Suisse’s rival UBS is also planning to increase its stake in its Chinese securities JV.