Big financing demand from HNWIs
Credit Suisse's Q1 net new lending in Asia Pacific was 30% of its total loans in emerging markets
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Genevieve Cua
ASIA's ultra wealthy may sit on tens or hundreds of millions of dollars in investible assets, but financing remains a key demand. Credit Suisse is finding that clients who are high net worth individuals (HNWIs) in Asia Pacific account for a disproportionate share of its emerging market private wealth management lending activity. That, however, is a measure of its success in the region, says Hans-Ulrich Meister, the bank's head of private banking and wealth management, and also a member of the executive board.
"When I see lending success in the first quarter, it's proof that we (have) shifted especially to the Asia Pacific, where there is a big need among the client base to have lending."
In Q1 this year, the bank's assets under management (AUM) in the Asia Pacific grew about 5 per cent to 121 billion Swiss francs (S$169.3 billion), from 115 billion francs at end-December, 2013. Asia Pacific accounts for about a tenth of the total group AUM of about 1.3 trillion francs.
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