Expect more private banking consolidation in Asia: Credit Suisse
To succeed, players in region must offer investment banking
[SINGAPORE] Asia should see further consolidation in the private banking space as banks shed non-core assets and as competitors find it difficult to scale up, said the head of Credit Suisse's private banking in Asia-Pacific, Francesco de Ferrari.
"In Asia, there's a big issue of economies of scale," Mr de Ferrari told BT in a recent interview. "A number of the smaller players are on sale, and it's just the mathematical recognition that you cannot only follow volumes in Asia."
With its private banking and wealth management division typically contributing about half of the bank's core revenues, Credit Suisse is open to acquisitions in the fast-growing region, though Mr de Ferrari was clear that it was already growing significantly on its own in this part of the world.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
New Articles
HDB resale prices accelerate, rising 1.8% in Q1 on stronger demand
Digital Core Reit Q1 distributable income slips 2.4% to US$10.6 million
BT subscribers can now share 5 premium articles a month with unlimited number of non-subscribers
First Reit reports 3.2% lower Q1 DPU of S$0.006 amid interest rate, forex headwinds
Vietnam holds first gold auction in 11 years to stabilise market
How Hudson Yards went from ghost town to office success story