Credit Suisse targets wealthy Thais with launch of new wealth management business

It's eyeing HNWIs and entrepreneurs.

Credit Suisse has expanded its business in Thailand to include a wealth management team, seeking to cash in on the country's sizeable high-net-worth wealth pool.

The bank is targeting high-net-worth individuals (HNWI) with more than US$2 million (THB70m) in assets under management (AUM), and ultra-high-net-worth individuals (UHNW) with US$50m (THB 1.8 billion) in AUM or US$250m (THB9b) in net wealth, who are mostly first or second generation entrepreneurs with family-owned businesses.

According to a 2015 Asia Pacific Wealth Report, there are around 91,000 high-net worth individuals in Thailand with more than US$1m (THB35m) in investable assets, owning total US$456 billion (THB 16 trillion) of investable wealth.

"Expanding our business in Thailand is an important milestone in Credit Suisse’s growth strategy in Asia Pacific, where the bank has committed significant investments and capital to expand its businesses and footprint," said Helman Sitohang, Credit Suisse Chief Executive Officer Asia Pacific.
 

Photo: Helman Sitohang, Credit Suisse Chief Executive Officer Asia Pacific