Credit Suisse GroupAG is pursuing expansion in Asia as its competitors retrench in theregion, Bloomberg News reported April 5, citing the group's CEO, Tidjane Thiam.
The CEO said it is a good time for Credit Suisse to expand inAsia as other large global banks, such as BarclaysPlc and Standard CharteredPlc, cut backon their presence in theregion, making it easier to attract talent. The Swiss bank has many offers in thepipeline, Thiam added.
Credit Suisse is looking to focus on wealth management in Asiaand aims to more than double pretax profit at its private banking unit in the regionto CHF2.1 billion in 2018. Thiam noted that the bank is particularly keen to expandin China and Japan.
The banking group has been hiring at its investment bank andprivate bank in Asia and has bolstered its number of client advisers in the Asia-Pacificregion to 615 from 524 at the end of the third quarter of 2015, said Helman Sitohang,the group's CEO for Asia Pacific. It aims to raise that figure to 800 by 2018.
The Swiss banking group has also expanded in Australia, havingadded 50 bankers to its operations in the country in 2016, The Australian reported April 7, citing the group's Australia CEO, JohnKnox.
The group's expansion in Australia across investment banking,equities and private banking has raised its headcount in the country to just under400.