Credit Suisse looks past short term volatility to plot expansion plans for Qianhai, Asia Pacific
Despite slowing economies in China and rest of Asia, Swiss lender continues hiring to support expansion of private and investment banking across the region
Swiss lender Credit Suisse plans to continue expanding its business in mainland China – particularly in Qianhai, as well as the rest of Asia – despite the slowing economy, according to its Asia Pacific head.
Helman Sitohang, chief executive of the Asia Pacific division of Credit Suisse, said the bank would continue to hire this year in Asia Pacific to support expansion of its private banking and investment banking services for mainland Chinese and other Asian clients.
“We have a three year expansion plan from this year until 2018. We are not going to be affected by quarter to quarter market volatilities,” he said in an exclusive interview with the South China Morning Post.
Among his plans is the expansion of Credit Suisse’s broking business in mainland China via its 33.3 per cent-owned securities joint venture, Credit Suisse Founder Securities, which has received approval to begin offering securities broking services in Qianhai later this year. It is the first foreign firm to gain approval to offer brokering services in the free trade zone, enabling it to offer trading of A-shares in the mainland and Hong Kong.
The lender is one of the most active international banks trading Shanghai A-shares for clients via the Hong Kong and Shanghai stock connect scheme. Sitohang said Credit Suisse would further expand cross border trading when the Shenzhen and Hong Kong stock connect scheme is launched in the second half of this year.
We are here for the long term and are not deterred by short term negative news
The bank also wants to hire a total of 800 relationship managers in Asia by 2018 to expand its private banking and asset management businesses, and increase its focus on serving the rising number of high net worth clients in Asia.
