Credit Suisse completes HSBC Japanese private bank deal
Credit Suisse has completed the acquisition of HSBC’s private banking business in Japan, first announced at the end of December.
According to a statement from the Swiss bank, this acquisition will enable Credit Suisse to scale and enhance wealth management capabilities in Japan through additional offices in Osaka and Nagoya.
“We are pleased to have successfully and seamlessly integrated HSBC’s Private Banking business in the last few months. This acquisition demonstrates our commitment to building a leading private banking business in Japan and in dedicating the appropriate investment and resources to ensure the long-term success of our regional private banking franchise in Asia,” said Francesco de Ferrari, head of private banking Asia Pacific at Credit Suisse.
Olivier Thiriet, chief executive for Credit Suisse Japan added the acquisition reflects the bank’s long-term strategic commitment to the Japanese market.
“Building a leading private banking business in Japan is critical to ensuring we have a complete and compelling offering of products and services and to deliver the full benefits of our integrated bank to our clients across Japan,” he said.