Credit Suisse’s 52 years in Asia’s “world city” set the standard for any international bank looking to crack this vital market. But it’s safe to say that for the time being, the Swiss bank has an enviable foothold in Hong Kong’s private wealth management industry.
The pandemic, of course, unleashed epic disruption to ways in which clients work, live and protect their wealth. But Hong Kong has been experiencing an added shock: the uncertainty caused by China’s growing control over the city’s autonomy.
Through both crises, the Swiss giant was a steady, trusted hand. Francois Monnet, north Asia private banking head, and his roster of relationship managers – including veterans Rickie Chan and Eddy Sze – proved their mettle and really earned the bank’s fees.
The bank’s deep understanding of local client needs and preferences came in handy in 2020. So did its extensive product shelf, digital offerings, its execution savvy and the sophistication of its bespoke solutions for ultra high net worth and corporate clients.
A tech-savvy shop long before Covid-19 hit, Credit Suisse was quicker than Hong Kong peers to launch on-demand digital content and events to keep clients engaged and informed as the pandemic upended the market.