Swiss private banking giant Credit Suisse has established a client relationship coverage team in Thailand to bolster the new money it attracts from high-net-worth individuals (HNWIs) in the region.

The new unit will target HNWIs with assets more than $2m, and ultra rich with asset of $50m, or $250m in net wealth.

Majority of these clients include first- or second-generation entrepreneurs with family-owned businesses, the Swiss private banking major said in a statement.

The bank will now set up a team of six client relationship managers in Bangkok, and plans to double the size of the team by this year end, Credit Suisse head of Asia-Pacific private banking Francesco de Ferrari said.

Thailand, where Credit Suisse has been operating for 16 years with a full-service securities brokerage, is now the banking group’s sixth onshore wealth market. Earlier, the bank served Thailand’s affluent from Singapore and other regional hubs.

The latest move forms part of the bank’s expansion into Asia Pacific, where it aims to double pretax income and client assets under management by 2018.

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By GlobalData