Swiss private bank plans to expand Asian business

THE newly formed Swiss private bank Clariden Leu is looking to double its assets under management in Asia within five years - and add to its Singapore workforce in the process.

Clariden Leu, established only in January, is targeting the well-heeled, those with assets of at least one million Swiss francs (S$1.25 million). It will also promote niche investment products.

The bank plans to open an office in Jakarta later this year.

'Asia, together with Europe, is the fastest-growing wealth market,' said Mr Roland Knecht, Clariden Leu's head of private banking for Eastern Europe, Asia and Middle East.

'I think we should be able to generate growth of between 15 and 20 per cent a year in Asia.'

The bank has seven billion Swiss francs in assets under management in Asia.

Part of its growth will be through acquisitions. Last month, it agreed to acquire the Asian private banking business of South Africa's Standard Bank. The deal - its value was not disclosed - is expected to be completed by the second half of this year.

Standard Bank, Africa's biggest bank by assets, holds private banking assets of around US$750 million (S$1.15 billion) in Asia.

Clariden Leu was formed by a merger of Credit Suisse's four private banks - Clariden Bank, Bank Leu, Bank Hofmann and BGP Banca di Gestione Patrimoniale - and securities dealer Credit Suisse Fides.

It has assets under management of 124 billion Swiss francs.

Since its predecessor, Clariden Bank, opened a branch here in 2005, the bank has doubled its headcount to 65. It also employs 18 staff in its Hong Kong office.

It expects the number of employees in Asia to hit 100 by the end of the year, with most to be hired in Singapore.