Awards for Excellence 2019
|
|
|
|
It is, perhaps, a sorry state of affairs that local banks straggle behind global institutions when it comes to providing the best wealth management services in the Middle East. But such is still the case, and so Credit Suisse once again stands above the rest.
Winning for the third consecutive year in this category, Credit Suisse had another very successful year in wealth management in the region – under Bruno Daher, head of international wealth management, Middle East and Turkey – growing its revenue and pre-tax income by strong double-digits.
Fully aware that a tailored service is key to this area of business, the Swiss bank improved its offering by hiring 33 relationship managers, bringing the total to 204, and 11 new advisory and sales specialists focused on investment consulting, structured solutions, lending and financing capabilities.
|
|
|
Bruno Daher |
The bank, which came first in the Middle East in Euromoney’s private banking survey this year, outdid its closest rivals, among which JPMorgan, with a number of deals that showcased the breadth of its abilities in this area.
Among these we may mention a multi-million dollar financing for an ultra high net worth individual, collateralised against local shares in the region, UK property and the client’s yacht, and a multi-billion dollar repo financing for a sovereign institution, to bolster its foreign currency reserves and diversify the available sources of funding, supplementing the liquidity provided by the IMF and other supranational and sovereign lenders.
Global changes within the bank have also had a positive impact on the offering in the Middle East. The 2018 launch of a global department dedicated solely to the needs of the next generation of wealth management clients and their families is one such example.
Market research seminars held across the region during 2018 also enabled the bank’s clients to meet and talk with Credit Suisse’s leading experts – another way to cater to clients’ tailored needs and educate them on the market.
Finally, the bank bolstered its Saudi business over the past year, building on the launch in 2017 of its Saudi Arabia Booking Platform with local hires, in line with the bank’s commitment to participating in the delivery of the kingdom’s Vision 2030 reform programme.
