Credit Suisse targets the richest of the rich in Asia
The private bank seeks to attract clients through providing solutions or helping make social connections
Global private banks always chase wealthy clients, but Credit Suisse has narrowed its quarry further - to the richest of Asia's rich.
Like many other big banks, Credit Suisse is reacting to a significantly altered financial services landscape following the 2008 global financial crisis.
These days, more banks are making bigger than ever efforts to expand in Asia, given the worsening debt crisis in Europe and a disappointing economic recovery in the United States.
In Asia, almost 60 per cent of the Swiss bank's business in terms of assets under management came from ultra-high-net-worth clients, said Yves-Alain Sommerhalder, Credit Suisse's head of ultra-high-net-worth solutions in the Asia-Pacific.
He added that the bank would like to see the proportion grow.
Credit Suisse focuses on two kinds of private banking clients in the Asia-Pacific - core clients with assets of between US$2 million and US$50 million parked at the bank, and ultra-high-net-worth clients with assets of US$50 million and above under management at the bank, or whose net wealth amounts to more than US$250 million.
