Credit Suisse claims strong Asia-Pacific M&A pipeline after reporting record quarterly wealth management and advisory revenues
Swiss investment bank’s Q1 Asia-Pacific income before tax is 234 million francs (US$239.1 million), on net revenues of 991 million francs
Credit Suisse’s CEO for Asia-Pacific says the regional business has a strong pipeline of mergers and acquisitions (M&A) advisory, and capital markets underwriting, after reporting record quarterly revenue for its wealth management and advisory businesses, although earnings remained flat.
Helman Sitohang said while the bank recorded stronger fees from M&As during the quarter, which will continue for the “foreseeable future”, the investment bank’s top official in the region said he also expects a broad-based pickup from its fixed income and equity underwriting businesses, as Asian companies and entrepreneurs seek fresh funding to expand their businesses.
Total Asia-Pacific income before tax came in at 234 million francs (US$239.1 million) during the quarter ending March, on net revenues of 991 million francs.
Pre-tax income was up a strong 59 per cent compared with a year ago, or 33 per cent on the previous quarter (Q4, 2017).
Asia accounted for about a quarter of the Swiss institution’s total pre-tax income, at 1.054 billion francs.
“During the first quarter, Credit Suisse was the adviser for Alibaba’s acquisition of a 33 per cent stake in Ant Financial [Alibaba’s financial offshoot].