Credit Suisse is eying its private banking franchise with wealthy clients to grow its business as tougher regulations and changing markets are negatively affecting its investment banking returns.
Credit Suisse private bank co-head Robert Shafir in an interview with Reuters said they have not systemically taken advantage of all the opportunities that they see with their clients globally.
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By lending more to wealthy clients, who have assets of over US$50 million, the bank aims to increase its share from 44% currently to around half of its overall assets under management (AuM).
Shafir, along with the bank co-head Hans-Ulrich Meister are also looking towards private bank to account for half of the group’s risk-weighted assets (RWAs).
Shafir told the news agency that one of the real advantages as a private bank is the fact that they have one of the top investment banking franchises.
"Towards the ultra-high net-worth space, the line between what these clients need is very blurry from what an institutional one does. If we can build that bridge effectively to service that clientele on the investment banking side is a huge opportunity for us," Shafir added.
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