Credit Suisse
Credit Suisse has always had a strong private banking business, not just in Singapore but across the world. This year was no different, making the Swiss firm our pick for the best private bank in Singapore.
Under Benjamin Cavalli, Singapore chief executive and head of private banking for southeast Asia, Credit Suisse’s private banking business has recorded impressive growth.
As of the first quarter of 2019, assets under management showed a three-year compound annual growth rate of 15%, while net new assets rose by a CAGR of 64% over the same period. Net revenues at the private bank in Singapore got a 13% CAGR boost over the last five years, while pre-tax income rose 14%.
Credit Suisse boasts banking more than 60% of the Forbes Singapore billionaires list and has managed to attract 11 new Forbes clients in the last two years.
When it comes to collaboration between the private banking arm and the investment bank, no bank does it better than Credit Suisse. So much so that bankers at the firm call the private banking arm their “secret weapon” when it comes to both winning mandates and executing deals.
The bank has also jumped on the digital bandwagon. In October last year, it made Apple Business Chat available to its digital private banking clients with accounts in Singapore and Hong Kong, giving them a new way to communicate with the bank directly using the messages app on the iPhone or the iPad.
That digital focus caters well to the bank’s growing next-generation clientele. Credit Suisse has a next-gen platform that supports clients in all their plans, from laying out their wealth management strategy to grooming business successors taking over the family legacy.
The Swiss bank is not resting on its laurels, however. The private banking team works closely with global markets too, say bankers at the firm. Why? When families sell their businesses and create family offices, they require prime and brokerage services as they seek opportunities in the market. Credit Suisse is well positioned to cater to their demands.