Swiss Bank Credit Suisse plans to develop its wealth management and investment banking businesses in Asia in the coming years, reports South China Morning Post.
According to Credit Suisse’s Global Wealth Report, China will surpass Japan as the world’s second-richest country by 2017, with total household wealth exceeding US$38 trillion. The bank forecasts that by 2017, 25 per cent of the world’s US-dollar millionaires will be located in Asia-Pacific, up from 24% till date.
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While many investment banks had to lay off staff last year, partially due to a big fall in the number of initial public offerings in Hong Kong and Credit Suisse would continue to hire strategically in Asia.
Urs Rohner, chairman of Credit Suisse, said: "Asia is definitely Credit Suisse’s focus of future development. While the outlook [for] many European countries is gloomy, many Asian countries are enjoying rapid and strong economic growth.
"Credit Suisse has, for example, helped corporates raise yuan-denominated dim sum bonds. The yuan business will continue to be a strategic one for Credit Suisse as the [yuan] is increasingly accepted as an international currency." He added.
He said the economic outlook this year is better than last year due to strong growth in Asia and the continuing economic recovery in the US.
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