TOKYO, Feb 26 (Reuters) - Credit Suisse wants to increase assets under management of its private banking business in Japan through its newly launched multi-asset product to high net worth investors as other global banking rivals exit the business.
The second-largest bank in Switzerland is moving in the opposite direction of rivals like Societe Generale and Merrill Lynch, which have given up on their private banking business in Japan.
Christian Huber, co-head of private banking at Credit Suisse Securities Japan, said there is room to gain market share as demand for services that combine banking and brokerage services increase.
“We believe that having a bank relationship and a broker dealer relationship and having multiple people you talk to is cumbersome,” Huber told a news conference.
Credit Suisse targets Japanese clients who own more than 1 billion yen ($10 million) in personal financial assets.
Credit Suisse launched its private banking business in Japan in 2009 and then acquired HSBC’s private banking unit there December 2011.