Credit suisse to acquire HSBC's private banking business in Japan

The Swiss Bank Credit Suisse on Thursday announced that it has signed a definitive agreement to acquire the British HSBC's private banking business in Japan. This acquisition will strengthen Credit Suisse's private banking capabilities and reinforces its long-standing commitment to offering leading wealth management services in the Japanese market, said the Swiss Bank in a press release. The acquisition also demonstrates Credit Suisse's continued focus on building its business in Asia Pacific, an important growth region for the bank globally. The business to be acquired will be integrated into Credit Suisse's Private Banking division in Japan, and is expected to enhance Credit Suisse's wealth management capabilities, expand client coverage through the integration of new offices in Osaka and Nagoya, and increase profitability. The acquisition will offer HSBC's private banking clients and employees an opportunity to benefit from the scale of being part of one of the world's largest private banks that is dedicated to becoming a leading service provider in Japan, offering a broader range of comprehensive and personalized products and services. The acquisition, which is subject to regulatory approval, is expected to close in mid-2012. Olivier Thiriet, CEO-designate for Credit Suisse, Japan added "Building a leading Private Banking business in Japan is critical to ensuring we have a complete and compelling offering of integrated products and services." "Clients in Japan, as they are around the world, are demanding that their banks offer private banking, investment banking and asset management services in a seamless manner, so that they can take advantage of the fullest range of products and services possible, and execute on strategies that protect, enhance and grow their wealth. The acquisition today is a very important stepping stone to enable us to deliver the full benefits of the integrated bank to our clients across Japan," he continued. Marcel Kreis, Head of Private Banking Asia Pacific, Credit Suisse said: "Private banking continues to be one of Credit Suisse's key engines of growth and value, and Asia offers tremendous potential in wealth management. We are firmly committed to enhancing our existing regional Private Banking footprint and are committed to dedicating the appropriate investment and resources to ensure the long-term success of our business. This acquisition demonstrates the bank's long-term strategic commitment to the Japanese market. We are sure that as we integrate HSBC's clients and employees into the Credit Suisse platform, they will benefit from our existing infrastructure and well-established Japanese franchise." Credit Suisse's Private Banking franchise in Asia Pacific has been among the fastest-growing of its international wealth management businesses, with annual double digit growth in Net New Assets (NNA). Since 2008, Private Banking Asia Pacific has generated more than USD 47 billion cumulative NNA in Asia Pacific, contributing to more than a quarter of the Bank's global NNA during the same period. (end) ta.nfm KUNA 221244 Dec 11NNNN