Eastern promise

15 February 2018 By Quentin Webb

The Swiss bank is unusually open about its business out east, where managing wealth and cutting deals go hand in hand. The charms of private banking are dulled by a problematic markets business, though. And the benefit of its tilt to high-growth countries is a work in progress.

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Credit Suisse’s Asia Pacific business made a pre-tax income of 792 million Swiss francs ($853 million) last year, the bank said on Feb. 14, as it reported group results. The figure excludes restructuring charges and marks a 1.8 percent annual increase. Regional revenue fell 2.6 percent to 3.5 billion Swiss francs.

Within Asia Pacific, the Wealth Management & Connected unit made adjusted earnings before tax of 820 million Swiss francs, up 63 percent. The WM&C business covers private banking, as well as the traditional investment banking businesses of advisory, underwriting and financing.

The Asian markets business fell to a 28-million-Swiss-francs loss before tax, from pre-tax income of 275 million Swiss francs last year. The bank said this unit started 2018 strongly, with revenues up more than 15 percent as of Feb. 8.

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