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Credit Suisse 'primarily focused on organic growth' in Asia
CREDIT Suisse is primarily focused on organic growth in Asia, said chief executive Tidjane Thiam on Tuesday.
"We are primarily focused on organic growth," he told reporters in Hong Kong. "Organic growth is cheaper, and less risky."
But Mr Thiam, who was speaking on the sidelines of the Credit Suisse Asian Investment Conference, noted that the bank is also acquiring bankers, taking a "countercyclical" approach to pulling in relationship managers in Asia from smaller outfits.
Many Western banks are looking to shed their Asian private banking assets, with Barclays being the latest to be selling its Asian wealth management business.
Mr Thiam said he remained confident in Asia, and will tap the emerging wealth out of this region.
"If you want to be a wealth manager, you want to be where the wealth is being created," he said. "We believe in Asia - and we're here for the long term."