Credit Suisse
When it comes to private banking in Thailand, two names stand head and shoulders above the competition: Credit Suisse and Phatra Securities, a member of Kiatnakin Phatra financial group. Both are leaders in the field. But while Phatra is known as the pioneer of Thailand’s onshore private wealth management service, Credit Suisse is a global bank that offers both onshore and offshore wealth management services to wealthy individuals, families and entrepreneurs, including a large percentage of the names on Forbes’ list of Thailand’s 50 richest people.
Better still, Credit Suisse’s integrated banking platform means that high net-worth and ultra-high net-worth clients gain access to the group’s full suite of investment banking and wealth management services via its regional private banking hub in Singapore.
Thippa Praneeprachachon, head of wealth management in Thailand and a 30-year veteran of the industry, tells Asiamoney this approach sets the bank aside from the competition.
“The ‘one bank’ concept is very important to our success,” she says. “Our equity, investment banking and private banking teams work together to provide concrete solutions for our clients.”
Although Credit Suisse only wheeled out its wealth management platform in Thailand in May 2016, the bank has had a strong presence in the country for nearly 20 years. It is one of the few bulge-bracket investment banks with fully licensed brokerage operations and on-the-ground teams in equity sales and trading, research and investment banking. At a time when it is hard to recruit good people who understand the Thai market, Credit Suisse also stands out with its team of 40-odd private bankers, who on average have more than 10 years of experience.
No surprise then that in the first year after the launch of its wealth management business in Thailand, the number of client accounts increased seven-fold and assets under management by more than 10-fold. In 2017, AuM rose by 10% year on year, and revenues by 34% year on year, reflecting the relatively untapped nature of the domestic wealth management market as well as Credit Suisse’s winning formula.