Credit Suisse sets up family office unit in China

The Swiss lender named Tan Mae Shen as senior specialist for family office services in APAC.

Credit Suisse has set up a unit on family office services for Greater China amidst heated demand from the region's wealthy families.

The Swiss private bank has appointed Tan Mae Shen, senior specialist for family office services in Asia Pacific, to provide coverage for clients in Greater China, which includes Hong Kong, Credit Suisse said in a statement on Friday.

Asia Pacific had 814 billionaires at the end of 2017, accounting for 38% of the global billionaire population, with China minting two new billionaires every week, according to a report by UBS and PwC.

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