CS customers in Asia choose to switch to major UK bank HSBC

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Customers continue to avoid Credit Suisse even after UBS’s forced takeover. International competition also benefits, such as the big London-based bank HSBC.

The British bank registered US$22 billion in new money in the first quarter. Almost two-thirds come from Asia. “We’ve clearly pulled entries from Credit Suisse,” Nuno Matos, head of global wealth and private banking, told Bloomberg news agency in an interview. The main drivers of growth were not ex-CS customers from Asia. Matos does not want to give details.

CS employees prefer to work at HSBC

HSBC does not only benefit from CS in terms of asset growth. Some employees are also fleeing to HSBC. “Of course we attract people from many of our competitors, including Credit Suisse,” Matos says. However, it does not specifically target any competitor when recruiting. As HSBC wanted to expand its wealth management business in Asia, the institute launched a recruitment offensive.

But Bloomberg says Matos isn’t intimidated by the new Swiss wealth giant. With Credit Suisse, UBS became heavyweight, with nearly five trillion francs in client assets under management. UBS announced on Tuesday that CS and UBS will continue to operate independently in the near future.

There is now certainty about the new management team: Ulrich Körner, the last CS CEO in history, may remain and be included on the UBS Group Board of Directors. (kae)

Source :Blick