Best international private bank in Hong Kong 2020
Credit Suisse remains the global private banking power player in Asia, and its presence in Hong Kong, where it is the deserved winner of this year’s award for best private bank, underlines its status as the leader of the pack.
The Swiss lender’s presence in the market stretches back over half a century. During that period it has steadily reinforced its position in Hong Kong, one of its two regional booking centres, which services high and ultra-high net-worth clients based in Hong Kong and world-wide.
Despite the unrest that pervaded the local market in 2019, the bank posted a double digit year-on-year rise in assets under management, net revenues, and pre-tax income.
Credit Suisse’s strength in the market runs deep. Under its head of private banking for North Asia, Francois Monnet, its roster of relationship managers, led by veterans Rickie Chan and Eddy Sze, bank 60% of the 20 richest families on the Forbes Hong Kong rich list.
That is only possible because it has spent so long building its franchise, both in Hong Kong and around the region.
The average age of UHNW clients in Hong Kong is about 70; that amplifies the value of its wealth transfer and succession planning services. Likewise, its annual Young Investor Programme extends financial education services to the next generation of UHNW customers, and offers an invaluable opportunity for them to network with the business leaders of tomorrow.
Credit Suisse’s long-term investment in digital across the financial institution, allied to its commitment to evolution rather than revolution, continues to pay off. Among the initiatives it rolled out in 2019 are a new onboarding process and a red carpet service for UHNW clients. It cut account opening times for clients across Greater China to 32 days in the second half of 2019, against 40 days a year earlier.