Credit Suisse is reportedly planning to increase the assets under management of its private banking business in Japan by launching a new multi-asset product targeting high-net-worth (HNW) investors.
As part of the move, Credit Suisse will focus on Japanese clients with more than JPY1 billion (US$10 million) in personal financial assets, According to the new agency Reuters.
Christian Huber, co-head of private banking at Credit Suisse Securities Japan, told Reuters that there is a scope to increase market share as need for banking and brokerage services increase.
Credit Suisse, which launched its private banking business in Japan in 2009, has acquired HSBC’s private banking unit in December 2011.
"We believe that having a bank relationship and a broker dealer relationship and having multiple people you talk to is cumbersome," Huber added.