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Credit Suisse gets nod for rep office in Philippines

Credit Suisse gets nod for rep office in Philippines

Swiss banking group Credit Suisse is expanding presence in Southeast Asia with a new representative office in the Philippines.

It has received regulatory approval from the Bangko Sentral ng Pilipinas to establish a representative office in Manila for its wealth management business.

Benjamin Cavalli (pictured), head of private banking Southeast Asia and CEO Singapore said the Philippines is an important part of Credit Suisse's Southeast Asia franchise.

‘With the new office, group we aim to strengthen our links with existing and future clients, providing them with information on products and services while facilitating deeper communication with them.

‘The new representative office represents the group’s first step in building and expanding our wealth management footprint in the market,’ he added.

Credit Suisse has been present in the Philippines since 1992, providing financing and advisory services spanning capital raising, liability management, merger and acquisition transactions as well as structured finance.

In 2011, it established an onshore brokerage covering equity research, sales, sales trading and execution.

Last year, Credit Suisse appointed Michael De Guzman as country manager Philippines and head of Philippines coverage for investment banking and capital markets. Christian Senn was also named market group head Philippines for private banking Asia Pacific, based in Singapore.

Guzman said the group expects exponential growth in the middle class in Philippines, rising from 33.5 million in 2015 to 50 million by 2025.

‘The Philippine economy has grown steadily in the past decade, leading to rising household income and a higher standard of living.

‘Addressing the needs of middle class consumers can drive new trends across many industries, yielding considerable long-term economic and business opportunities for our clients, many of whom are first or second generation entrepreneurs,’ he added.

The ultra-high-net-worth wealth in the Philippines, for instance, remains in family businesses run by first or second generation entrepreneurs, according to Credit Suisse.

The Philippines ranks 11th globally in terms of the number of family-owned businesses, and sixth within Asia Pacific ex-Japan in terms of average market capitalization at $5.6 billion, its 2017 global wealth report showed.

Other foreign banks that operate representative offices in the Philippines include DBS Bank, UBS, State Bank of India, Korean Development Bank, United Overseas Bank and Bank of Singapore, among others.

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