Winners rationale

Simply stated, few private banks can stand toe-to-toe with Credit Suisse in the South Asia UHNW space. Few can boast a comparably loyal UHNW and family client base and fewer still can demonstrate that their South Asian franchise is growing on a market-by-market basis in lockstep with North Asia.

There is no secret to Credit Suisse’s success in South Asia. Rather, the bank has continuously invested in the subregion’s variegated markets — offshore and onshore, from Thailand to India, the Philippines to Australia. It has continuously invested in and developed its integrated platform that engenders deep collaboration between the private bank and investment bank (whose dominance in Southeast Asia is indisputable) to enhance its ability to deliver wealth-linked strategic solutions to the subregion’s entrepreneurs. And it has continuously invested in its digital capabilities and services, which have recorded significant adoption rate increases in recent years, including in 2020 when the COVID-19 crisis shut down traditional channels of engagement.

Indeed, such was the preparedness and health of the business leading into 2020 that Credit Suisse was in a position of strength to navigate the operational challenges of the pandemic and provide its clients with the security and support they required, both in terms of their investment portfolios and their broader business and family-related affairs. The bank was among the first to achieve a seamless transition to a 100% work-from-home scenario and was quick to launch digital content and briefings which continued throughout the year. In South Asia, client engagement with the bank’s digital platform accelerated concurrently — with online transactions via Digital Private Bank skyrocketing, the number of Credit Suisse Chat messages soaring, and client adoption of account aggregation service Canopy surging at the outset of the pandemic.

At the same time, Credit Suisse showcased its characteristic agility to deliver to clients a compelling and innovative range of solutions over the course of a challenging year: from an array of innovative solutions to long-term strategic investment products linked to trends that accelerated as a result of COVID-19, both in fund and structured note format. This ability to position differentiated investment content against a fluid backdrop is a hallmark of the bank in Asia. Credit Suisse is always looking at ways to enhance the shelf, as exemplified by the rollout of ‘Platinum’ and ‘China Connect’ mandates which drew in strong sales off the bat, the expansion of its innovative Sparktrackers range, and changes to the bank’s portfolio LTV framework for UHNW clients as a means to generate an additional collateral value buffer.

And once again, Credit Suisse showcased the significant progress it made in each and every South Asia market — onshore and offshore — over the course of the year. Whether in terms of net new assets and revenue in Australia; strong asset growth in Thailand onshore and India (where the bank has committed significant resources and hired strategically); a marked jump in RM productivity in stronghold Singapore; or a first-ever, differentiated flagship IB-linked deals in the Philippines: this was a complete performance from a private bank that aims to be number one in every market in which it competes. In fact, the bank managed to onboard new Forbes list clients in the region, and add new RMs and ICs while retaining a frontline productivity rate higher than peers according to external assessors. And working with Southeast Asia’s top-ranked investment bank (again according to external measurements), Credit Suisse racked up over 40 ECM and DCM deals and a telling list of strategic solutions delivered to UHNW clients that speak squarely to the bank’s culture of collaboration, deep penetration of (and relevance to) its clientele, and commitment to innovation.

Credit Suisse is Asian Private Banker’s Best Private Banker – South Asia UHNW for 2020.