Credit Suisse chief has high hopes for Asia

Despite the earthquake, tsunami and radiation crisis in Japan and monetary tightening policy in China, Credit Suisse chief executive Brady Dougan is optimistic about growth in Asia over the next five years.

The head of Credit Suisse, one of the largest banks in Switzerland, expects Asian revenues to grow to about 25 to 30 per cent of total group revenues in five years, up from about 10 per cent at the moment.

'Asia has been one of the fastest-growing regions worldwide over the past few years,' he said. 'We believe we are going to achieve positive growth in Asia in investment banking, asset management and private banking.' Speaking in an interview with the South China Morning Post in Hong Kong last week, Dougan said he was positive that all countries in Asia would record good growth, including Japan which was badly hurt by its recent disasters.

'In terms of our business in Japan, we have actually been gaining market share over the past week,' he said. 'Our 600-strong Tokyo office remains open for business and, besides making sure our business runs as usual, we also want to contribute to rebuilding efforts.'

Dougan, who has lived and worked in Japan for 10 years, said he believed the country would soon recover from the crisis. 'We are in Japan for the long term and are not going to be affected by this,' he said. 'We think it will only have a short-term market impact.'

The mainland, which has also adopted tightening measures by increasing interest rates several times this year to control inflation, is another major market for Credit Suisse.

Dougan said mainland firms still required investment banking services to help with fund-raising needs and many newly created millionaires and tycoons would need wealth management and private banking services. Credit Suisse investment bank also helped companies with mergers and acquisitions, as well as new listings.