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Specifically Credit Suisse targets to double pre-tax income and client assets under management in Asia-Pacific by the end of 2018.
“We plan to expand further in our core markets, capitalizing on our strengths in South East Asia and building out our China franchise, while maintaining a consistent culture of compliance and controls,” said Helman Sitohang, chief executive officer of Credit Suisse Asia-Pacific.
The announcement came following a global strategic review of Credit Suisse Group. Accordingly, Credit Suisse reported record results for Asia-Pacific, with revenue rising to CHF3 billion ($3.07 billion), up 17 per cent on year and pre-tax income of CHF1.1 billion ($1.13 billion), up 48 per cent, for the first nine months of the year. According to Sitohang, Asia-Pacific now accounts for 15 per cent of total Credit Suisse’s revenues and 28 per cent of the latter’s pre-tax income.
“This is a strong performance, particularly given the current market conditions and demonstrates the resilience of our business model and our ability to generate profitability through the cycle,” he said.
According to the Credit Suisse Research Institute Family Business Model 2015 report, 57 per cent of new wealth in Asia-Pacific is driven by first generation entrepreneurs and family ownership of listed companies is expected to grow in many markets in the region as more wealth is created.
“As wealth in Asia-Pacific grows and financial markets deepen, we see significant opportunities to help our clients capture this growth. Our track record of performance, our culture of partnership and our strong client franchise gives Credit Suisse in Asia-Pacific a strong platform. With the additional investment in the region, we expect to further build on this platform to the benefit of our key Entrepreneur and Investor clients,” he said.
First established in Vietnam in 2011, Credit Suisse has become the biggest capital mobilisation bank in Vietnam ever since with over $6 billion for the government and local businesses including state-owned and private firms as well as foreign companies in Vietnam.
Credit Suisse comes out as the top among the international investment banks in Vietnam in terms of stock mobilisation, USD capital liability and in exchange value-based mergers and acquisitions. Credit Suisse was elected several times by The FinanceAsia, Euromoney and The Assets as the Best International Investment Bank and Best Mergers & Acquisitions Bank in Vietnam. Various transactions that Credit Suisse participated in were Best Transaction of the Year in Vietnam.
In 2012, Credit Suisse successfully advised Vietcombank during its $567 million strategic sale to Mizuho Bank. It has been chosen by Vietcombank as the financial consultant for the latter’s equitisation through international bidding.