Credit Suisse clinches approval to launch wealth business in China: report

The Swiss bank is pushing to roll out its wealth business by the first half of 2023.

Credit Suisse has received the green light from Chinese regulators to launch a fully-fledged wealth management business in the country, reports Reuters, based on a company memo, and confirmed by a company spokesperson.

The Swiss bank is pushing to roll out its wealth business in China by the first half of 2023.

The expansion targets China’s CNY27t market.

ALSO READ: Credit Suisse woos the wealthy with higher deposit rates; Citi cuts jobs

"We are pleased to have received these licenses as it marks a key milestone in offering wealth management services onshore in China, which is the fastest growing wealth market in the world," Edwin Low, APAC CEO of Credit Suisse told Reuters in an email statement.

Credit Suisse "plans to double the number of relationship managers in China in 2023," said Benjamin Cavalli, the company's head of wealth management for Asia Pacific.

Read more from Reuters.

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