Awards for Distinction 2020 – Best Private Bank – Thailand Domestic

Best Private Bank Thailand Domestic


Credit Suisse

Best Private Bank – Thailand Domestic

Edwin Tan

Head of Wealth Management Onshore and Head of Investment & Advisory Solutions in Thailand, Credit Suisse

“We are delighted to win the Best Private Bank — Thailand Domestic award, which recognises the steady progress and continued growth of our Thailand domestic wealth management business since inception in 2016. Our unique onshore-offshore model has proven to be a winning formula for Thai clients, who are increasingly looking for global investment opportunities, which Credit Suisse is well-placed to offer.”

Winners rationale

One of the most promising wealth markets in Southeast Asia, Thailand has often greeted its most active participants with eye-watering growth opportunities, and 2020 was no exception.

Thanks to a strengthening leadership and on the back of a long-term onshore strategy spanning more than two decades, Credit Suisse Thailand has secured its market-leading role and reaped double-digit growth as its investments over the years paid off.

Credit Suisse’s rate of expansion in the country significantly accelerated with the launching of a private banking business in Bangkok in 2016 — AUM and net new money expanded markedly in the last two years. In 2020, the bank kept up RM productivity amid an unpredictable and volatile market: AUM per RM grew significantly YoY.

Similarly, the business’ strong performance was reflected by a marked positive CAGR in revenue since 2016, and a steady YoY increase in 2020. The bank was able to capitalise on its asset management platform to make client referrals and raise profitability. The seamless coordination between its PB, IBCM (Investment Banking & Capital Markets), and AM franchises — what the bank dubs the integrated banking platform — has created great synergies for the bank as a whole and delivered unparalleled services to the private bank’s HNW clients, whose needs often span investment banking, private banking, and asset management.

In terms of product offerings and service platforms, Credit Suisse’s Thai clients can enjoy the bank’s full suite of digital solutions offered in other booking centres in the region. Be it through Credit Suisse Chat (which conveniently links the RMs with the clients through instant messaging applications) or Credit Suisse Invest access (an advisory mandate that combines human touch with technology), the client has access to a range of offshore investment products and business solution platforms. The latest addition to the product suite was the bank’s staple discretionary mandate offering, brought to the onshore Thai clients with the support of a local team of private fund managers.

During 1H20, the bank’s decision to consolidate its multiple operations into a new office location in Bangkok proved a timely call. The consolidated office complements the bank’s capabilities to connect local clients with offshore RMs, CIOs, and investment specialists, while also allowing Bangkok-based RMs to meet and service their clients.

As an established identity in onshore Thailand private banking, Credit Suisse’s team was bolstered with the recruitment of experienced leaders and relationship managers well-versed in the domestic context in 2020. Credit Suisse has come a long way in building its fully fledged onshore presence, and it looks poised to grab a still larger share of AUM and a greater visibility in the local market.

Credit Suisse is Asian Private Banker’s Best Private Bank — Thailand Domestic for 2020.

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