Credit Suisse nets an ex-UBP private banker to spearhead its onshore wealth management business in India.
Puneet Matta joins the bank as head of wealth management India, effective June 1 this year, relocating from Singapore to his new Mumbai-based role. Matta will report functionally to Balakrishnan Kunnambath, market group head Indian sub-continent and locally to Mickey Doshi, CEO of India.
Matta has 30 years of experience across wealth management, corporate and investment banking. He was most recently with UBP where he held various leadership roles overseeing the non-resident Indian (NRI), Indian sub-continent (ISC) and external asset manager (EAM) segments. He was most recently the Asia head of EAM and key clients for South Asia.
«We have been continuously enhancing our India onshore platform with a strategic and more scalable architecture,» said Benjamin Cavalli, head of private banking South Asia, in a statement. «Credit Suisse is committed to strengthening our leading position in India and expanding our domestic products and solutions offering to accelerate growth alongside our clients.»
UHNW Potential
The bank underlined greater collaboration between the domestic investment banking franchise, its APAC trading unit and the wealth management business, signaling continued focus on the business side of its private banking clients, most commonly populated by ultra-high net worth individuals (UHNWI).
«With Credit Suisse’s vision as the «Bank for Entrepreneurs in Asia Pacific», we are looking to systematically increase our collaboration efforts,» Kunnambath explained.
Since 2000, India’s total wealth has surged four-fold to reach $12.6 trillion, according to Credit Suisse Research Institute, and is ranked fifth as a home to UHNWIs. An estimated 4,460 and 1,790 adults have more than $50 million and $100 million, respectively.
