Credit Suisse recently marked the first anniversary of onshore wealth management in Thailand. Now the Swiss bank is looking at opening in another Southeast Asian country.
Credit Suisse (CS), Switzerland's second-largest bank, is seeking regulatory approval to establish an office in Manila, according to Chuchi Fonacier, an official at the central bank of the Philippines.
The central banker told reporters recently that the Zurich-based bank has already submitted the required documents and its application is currently up for approval by the monetary board at Bangko Sentral ng Pilipinas (BSP). CS is one of eight foreign banks that expressed an interest in setting up shop in the Philippines, «The Manila Times» said in a report.
Executive Appointments
CS named several new executives in the Philippines in July, including a veteran Swiss private banker. Michael De Guzman was named as the country manager in addition to his existing role as head of Philippines for investment banking and capital markets.
The bank also appointed Christian Senn as market head for private banking in the Philippines. Senn is based in Singapore and reports to Benjamin Cavalli. Credit Suisse established its wealth management unit in Bangkok, Thailand in May 2016.
