Expect more private banking consolidation in Asia: Credit Suisse

[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.