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Singapore's best private bank 2018: Credit Suisse

Credit Suisse

Credit Suisse’s private banking operation is flourishing in the city-state. In 2016, Credit Suisse’s Singapore private banking front team grew 60%, with five new teams set up to boost coverage of the growing ultra-high net-worth clientele.

That increased focus has given the private bank, whose market group head for Singapore is Young Jin Yee, a shot in the arm. When a bank can claim to be offering its services to 60% of the billionaires on the Forbes Singapore list, you know it is doing something right.

The numbers tell the story. Credit Suisse private bank’s assets under management grew at a compound annual growth rate of 14% over the last five years, jumping 23% year on year as of the first quarter of 2018.

About a quarter of the asset growth has come from existing clients, with the remaining 75% from new customers – an impressive feat.

Net new assets jumped a whopping 124% year on year in the first quarter of 2018, with momentum largely steady also over the past four years with a 12% CAGR.

Bankers at the firm say the team in southeast Asia has successfully managed to combine the Swiss tradition of private banking, rooted in Credit Suisse’s DNA, with local Singapore knowledge to create a dominant franchise.

The bank’s private banking offerings span financing capabilities, alternative investment solutions across hedge funds, private equity and real estate, as well as wealth planning and family office services. Its close tie-up with the investment banking division also ensures that Credit Suisse’s private banking clients have an opportunity to look at equity and debt capital markets transactions for investments. To cater to those needs, Credit Suisse has a specialized private bank syndicate team in charge of distribution of ECM and DCM products.