Asia: Credit Suisse looking to expand into Philippines

Credit Suisse, Switzerland’s second-largest bank, is currently in the process of opening a branch in the Philippines. It will be Credit Suisse’s second branch in Southeast Asia following the opening of a branch in Thailand last year. Credit Suisse is one of the eight foreign banks that has expressed interest in setting up branches in the Philippines.

The decision to expand into the Philippines was driven by the bank’s growth in assets under management (AUM) per relationship manager in Asia. The bank has seen a steady increase of 15% annually in the amount of AUM per relationship manager which was the result of the bank’s transformation in increasing productivity and efficiency among its relationship manager across Asia in early this year.

According to RFi Group data, around two out of three (67%) of the affluent banked population in the Philippines prefer to seek help from financial advisors when making an investment decision. Credit Suisse, therefore, may be able to capture a share of this demand for wealth management advice among the affluent Philippines.

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