Global banking giant Credit Suisse has received regulatory approval from China to launch a wealth management business in the country, according to a memo seen by International Adviser.
The Swiss bank is pushing to roll out the wealth business in China by the first half of this year.
Credit Suisse Securities (China), the company’s China joint venture, recently obtained an investment consultancy licence, which allows it to create and distribute equity research products onshore and to engage in investment advisory services, a spokesperson for the company confirmed.
The group has also obtained approval for proprietary trading and an expansion in its brokerage licence enabling it to serve clients nationwide, having previously been confined to the southern city of Shenzhen.
Edwin Low, Apac chief executive of Credit Suisse, told IA in an emailed statement: “We are pleased to have received these licences as it marks a key milestone in offering wealth management services onshore in China, which is the fastest growing wealth market in the world.”
Benjamin Cavalli, head of wealth management for Asia Pacific at Credit Suisse, added: “In preparation for the launch of our wealth management business in China, Credit Suisse plans to double the number of relationship managers in China in 2023.”
