Strategy & Practice Management

Credit Suisse expands WM business to the Philippines

Credit Suisse has received regulatory approval to launch its wealth management business in the Philippines.

Credit Suisse has received regulatory approval to launch its wealth management business in the Philippines, according to Reuters. 

According to a report, the Securities and Exchange Commission has granted the Swiss bank a license while Bangko Sentral ng Pilipinas, the central bank, has approved the bank to set up a representative office in the island nation. 

The news comes on the heels of a string of announcements from global private banking majors expanding in the Asia Pacific, including Julius Baer, which is forming a joint venture in Thailand.

Credit Suisse too had expanded its wealth management business to Thailand in 2016.

According to Credit Suisse Research Institute’s Global Wealth Report 2017, total household wealth in the Philippines grew by 10.7% a year since 2000 to reach USD662 billion in 2017. 

The number of UHNWs with more than USD50 million in net wealth grew 13% over the same period to over 400, the report said.