Credit Suisse: Thiam’s Asia dreams come true
It has taken a while, but a corner has been turned.
Credit Suisse looks like it has finally turned the corner after three years of restructuring by chief executive Tidjane Thiam.
In April, the bank posted its strongest quarterly earnings in three years, with much of that boost driven by wealth management – particularly in Asia.
The bank added SFr6.2 billion ($6.3 billion) of new assets in its Asia-Pacific business in the first quarter, the most in at least two years and accounting for more than 40% of new inflows at the bank. Of all the global wealth managers, Credit Suisse has always seemed to have the best offering in the Asia region; it just never seemed to be recognized for it because of its smaller size relative to UBS.
Credit Suisse was early to move into countries such as Indonesia, for example, while its peers hung back in Singapore. In April, the bank announced it was opening in the Philippines, where few other have a presence, but where wealth is growing.
It has also partnered with local firms to create innovative products, such as with UOB in impact investing – again differentiating itself from its counterparts.