Private Banks

HSBC assets grow on the back of the Credit Suisse takeover

HSBC says it’s picking up clients and staff from Credit Suisse following the takeover by UBS.

According to a Bloomberg report, as HSBC expands its wealth management business the bank has been on a recruitment drive, adding talent from the likes of Credit Suisse.

HSBC has attracted USD22 billion globally in net new money in the first quarter, with almost two-thirds of that coming from Asia, Nuno Matos, global head of wealth and personal banking, said in an interview. Credit Suisse clients contributed to some of the asset growth, he said.

“We obviously attracted flows from Credit Suisse,” Matos said Tuesday on the sidelines of the Bloomberg Wealth Asia Summit in Hong Kong. “But by no means that was the major driver of our growth.”