CREDIT Suisse will establish a portfolio management team soon to meet the growing demand for private banking services in Hongkong, says private banking representative Peter Kunz. ''Unlike in Europe or the US, where acquiring a new client means taking away a client from another bank, Hongkong is an emerging new market with high trade flow, intense business activity, and a lot of business opportunities,'' he said. With the formation of the portfolio management team, Mr Kunz hopes the bank will be in a competitive position with other Swiss institutions in the territory, namely the Union Bank of Switzerland and Swiss Bank Corporation. ''On service products, clients prefer US-dollar, money-market funds these days. These funds are of less exchange risk than the European ones,'' he said. The bank, which has offices in Beijing and Shanghai, is still working to become acquainted with the mainland private banking business, Mr Kunz said.
