New updates on the ownership of Private Banking tells that Credit Suisse will expand its wealth management business in Japan. According to Bloomberg the sale of the unit is expected to be completed in the second quarter of next year, said London-based HSBC without disclosing the price.The unit had assets under management of $2.7 billion as of Oct. 31.
Japan has potential market of wealth management business. There’s increase about 7% on the wealthiest family in Japan.
Bloomberg described how Credit Suisse recent wealth management business. “Credit Suisse is seeking to expand its wealth-management business in the Asia-Pacific region, where the Zurich-based firm managed 77.6 billion francs ($83.6 billion) for clients at the end of September, ” said Bloomberg. The bank managed 762.1 billion francs for rich customers globally.
Credit Suisse started its onshore private banking business in Japan in 2009, focusing on business with ultra-high-net-worth individuals. HSBC’s unit will be combined with the Swiss bank’s existing division to expand client coverage through the integration of offices in Osaka and Nagoya and increase profitability, Credit Suisse said.
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See the richest person in Japan here.