SEC clears Credit Suisse rep office in Philippines

MANILA, Philippines — Credit Suisse has received a licence from the Securities and Exchange Commission (SEC) and regulatory approval from Bangko Sentral ng Pilipinas (BSP) to establish a representative office in the Philippines for its wealth management business.

”The Philippines is an important part of Credit Suisse’s Southeast Asia franchise and we are committed to continuing to expand our domestic footprint in the Philippines and across Southeast Asia.

With the new representative office, we aim to strengthen our links with existing and future clients, providing them with information on products and services while facilitating deeper communication with them. The representative office represents our first step in building and expanding our wealth management footprint in the market,” said Benjamin Cavali, head of Private Banking Southeast Asia and CEO Singapore.

For his part, Credit Suisse Asia Pacific vice chairman Lito Camacho said: “Credit Suisse has been a leading financial advisor to the government and major corporates in the Philippines for the past few decades, we are committed to further deepening our client relationships and expanding our coverage in the country.”

Michael De Guzman, Philippines country head and head of Philippines coverage for investment banking and capital markets, said they expect exponential growth in the middle class from 33.5 million in 2015 to 50 million by 2025.

The new representative office in Manila will add to Credit Suisse’s private banking footprint across the region, which includes its international wealth management hubs in Singapore and Hong Kong, domestic operations in Australia, Japan, India and Thailand, as well as representative offices in Beijing, Guangzhou, Bangkok and Kuala Lumpur.