Winners rationale

2021 was challenging for investments in the Greater China region, with regulatory clampdowns and looming bond defaults creating great uncertainty for investors. Credit Suisse Wealth Management weathered the storm in the Hong Kong market with its three pillars in client servicing: timely and relevant advice, breadth and depth of the bank’s product platform and innovative approach to catering to clients’ needs. Combined with the precise execution of their business strategies, the bank managed to achieve strong growth in both the top line and bottom line in 2021.

Credit Suisse has been serving the Hong Kong market since 1969 and currently banks 60% of the top 20 billionaires on the Forbes Hong Kong list. The Hong Kong team is known for a well-rounded service offering of compelling investment solutions, timely advisory services and, in particular, innovative bespoke integrated individual-corporate solutions that bring into play the Credit Suisse platform.

In a year of strong market volatility, the bank received a referral from an existing UHNW client to a new UHNW client keen on setting up with Credit Suisse a leveraged advisory mandate. (The bank has a similar arrangement with the portfolio owned by the existing client.) This case study demonstrated the excellent RM-client relationship. The bank was able to serve the new client with efficient account opening and investment execution processes, while providing a flexible and efficient fee structure.

Led by experienced market group heads, the Hong Kong team shared multiple case studies on customised solution offerings showing a deep understanding of clients’ needs and capable of delivering multi-hundred million dollar transactions in a timely manner. This cannot be done without close collaboration between the wealth management team and the investment bankers, as well as other product specialists in the broader banking group.

While managing to keep the cost-efficiency ratio at the lower end, the bank in 2021 invested in talents, recruited a substantial number of RMs. To expand its presence in Hong Kong, the bank opted for a combination of organic growth and selective external senior hires, in addition to grooming a strong cohort of younger next-gen bankers with in-depth client service expertise.

Credit Suisse is Asian Private Banker’s Best Private Bank – Hong Kong for 2021.