by swisschambei in Bank / Finance / Insurance
Credit Suisse plans to start offering wealth management services in China early next year after it won full ownership of a local securities venture. A senior Asia executive at the Swiss bank said it has hired dozens of staff for the new unit, despite a string of scandals, management changes and global strategy rejigs. “In spite of all these rumours flying around that Credit Suisse is pulling back or pulling out of China, China is a long-term play for us,” Benjamin Cavalli, head of its Asia Pacific wealth management business, said. The bank aims to start offering wealth management services in China next year on the back of securing full ownership of its local securities venture, which is likely by the first quarter of next year, Cavalli said. Credit Suisse’s China expansion plan comes even as the bank is cutting jobs and costs elsewhere in its efforts to recover from a string of losses and scandals. In July, the Swiss bank named its asset management boss as the new CEO. The plans for the China wealth business for next year, which have not been reported before, also come close on the heels of some media reports that Credit Suisse was reviewing its China business.