Philippine's best private bank 2018: Credit Suisse
Private banking in the Philippines is about to get a whole lot bigger. For decades, many high net-worth Filipinos were served offshore, in cities such as Singapore and Hong Kong. But that’s changing. Credit Suisse, the best private bank and high-end wealth manager, is expanding its footprint in the country.
In April, it secured a licence to set up a representative office, giving it greater proximity and access to clients, and enabling the Swiss institution to expand its domestic presence beyond Manila, notes Christian Senn, market group head, Philippines, for private banking Asia Pacific.
Credit Suisse doubled its roster of Philippines-focused relationship managers in the 12 months to the end of May, helping to boost profitability by 15% year on year in the first quarter. It offers a host of services including family office and trust services, export finance, advisory and discretionary mandates, and impact and alternative investment strategies, as well as bespoke peso-denominated ultra-high net-worth solutions.
It also offers its HNW clients a range of cultural and financial education services, helping families to bond with one another, decode complex tax and trust laws, and grasp succession planning.
UHNW clients are served in other ways, too, invited to art auctions and golf tournaments, and to its annual investors’ conference in Hong Kong, and global megatrends conference in Singapore. Over the next few years, much of the country’s considerable family-held wealth is set to pass into the hands of a new generation. Private banking is expected to enjoy a golden age in Philippines, and no institution is better placed to benefit than Credit Suisse.