Admin
15-09-2006, 06:47 PM
SINGAPORE : A growing number of global financial institutions seeking to expand in the Asia-Pacific are looking at Singapore as a base for their regional operations.
The 150-year-old private bank Credit Suisse has set up a hub in Singapore for its private and investment banking businesses outside of Zurich.
Credit Suisse says it sees Singapore's world-class infrastructure and skilled workforce an excellent platform to leverage for growth in the region.
The comment came from Edwin Low, the head of Credit Suisse's Singapore Investment Banking.
He was speaking to our reporter at the side of the IMF/World Bank Meeting.
Mr Low said: "Asia for the Credit Suisse Group is increasingly an important part, both in terms of revenue contribution and profit contribution. We see Asia, and this is Asia defined not just defined China, India as well as South East Asia, as basically contributing a larger and bigger pie in terms of the global revenues.
"We look at Singapore basically being a hub for firstly South East Asia, and secondarily for businesses like the private banking for the rest of the world and in particular Asia. So the types of numbers and figures we are looking are basically very very strong growth exceeding those of the more mature economies."
Mr Low also described some of the challenges and hurdles that the Bank face in expanding in the region.
He said: "In terms of potential road bumps that you can hit, I distinguish between the macro and the socio-political road bumps - that's unfortunately something that we can't foresee. But putting that aside, in terms of the steady stead economic growth, we hope to basically to punch above our weight in terms of business we're in.
"So we basically bank in terms of the medium to long term, we see that Asia will grow very strongly both in terms of the asset-gathering business which is is our asset-management business and our private banking business. And in terms of our financial intermediation business, which is our investment banking business, those are the growth areas that we will focus on. And frankly speaking apart from socio-political and economic shocks, we actually see a very clear road ahead in terms of our future growth, which is why we remain extremely confident about firstly Singapore and secondly the region."
Credit Suisse also sees the IMF/World Bank meeting in Singapore as being very significant.
Mr Low said: "So quite honestly we are using this IMF meeting - we have a huge delegation coming from both New York and Switzerland. We have our Chairman Walter Kielholz in town so what we hope to achieve is two things.
"Firstly we hope to showcase what we have done in Singapore - the fact that we are building up in Singapore, both in the investment banking as well as the private banking side. We also have something called the centre of excellence in Singapore which we're hoping to have approximately 3,600 people working in Singapore for Credit Suisse. And secondly just to emphasis the importance of Asia to the whole Credit Suisse organisation...we have a fairly large and senior delegation coming globally to Singapore for the IMF." - CNA/ch
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/230416/1/.html
The 150-year-old private bank Credit Suisse has set up a hub in Singapore for its private and investment banking businesses outside of Zurich.
Credit Suisse says it sees Singapore's world-class infrastructure and skilled workforce an excellent platform to leverage for growth in the region.
The comment came from Edwin Low, the head of Credit Suisse's Singapore Investment Banking.
He was speaking to our reporter at the side of the IMF/World Bank Meeting.
Mr Low said: "Asia for the Credit Suisse Group is increasingly an important part, both in terms of revenue contribution and profit contribution. We see Asia, and this is Asia defined not just defined China, India as well as South East Asia, as basically contributing a larger and bigger pie in terms of the global revenues.
"We look at Singapore basically being a hub for firstly South East Asia, and secondarily for businesses like the private banking for the rest of the world and in particular Asia. So the types of numbers and figures we are looking are basically very very strong growth exceeding those of the more mature economies."
Mr Low also described some of the challenges and hurdles that the Bank face in expanding in the region.
He said: "In terms of potential road bumps that you can hit, I distinguish between the macro and the socio-political road bumps - that's unfortunately something that we can't foresee. But putting that aside, in terms of the steady stead economic growth, we hope to basically to punch above our weight in terms of business we're in.
"So we basically bank in terms of the medium to long term, we see that Asia will grow very strongly both in terms of the asset-gathering business which is is our asset-management business and our private banking business. And in terms of our financial intermediation business, which is our investment banking business, those are the growth areas that we will focus on. And frankly speaking apart from socio-political and economic shocks, we actually see a very clear road ahead in terms of our future growth, which is why we remain extremely confident about firstly Singapore and secondly the region."
Credit Suisse also sees the IMF/World Bank meeting in Singapore as being very significant.
Mr Low said: "So quite honestly we are using this IMF meeting - we have a huge delegation coming from both New York and Switzerland. We have our Chairman Walter Kielholz in town so what we hope to achieve is two things.
"Firstly we hope to showcase what we have done in Singapore - the fact that we are building up in Singapore, both in the investment banking as well as the private banking side. We also have something called the centre of excellence in Singapore which we're hoping to have approximately 3,600 people working in Singapore for Credit Suisse. And secondly just to emphasis the importance of Asia to the whole Credit Suisse organisation...we have a fairly large and senior delegation coming globally to Singapore for the IMF." - CNA/ch
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/230416/1/.html