Credit Suisse Group taps BNP Paribas bankers for India wealth push

Group hired nine private bankers from to build its wealth management business in India and capture “booming demand” in a market dominated by local firms.

The Zurich-based bank recruited one managing director, two directors, three relationship managers and three assistant relationship managers to be based in Mumbai, Benjamin Cavalli, the South Asia private banking head, said in a statement on Tuesday.

“The Indian market has significant opportunities that both our investment banking and wealth management businesses can capture,” Cavalli said. The Swiss bank provides services ranging from financing, debt and capital market transactions, as well as trading, he said.

is on a hiring spree in from China to Southeast Asia as it seeks to tap more business with rich Asians and boost revenue in the region. India’s total wealth has quadrupled since 2000 to $12.6 trillion last year, the bank estimates. wants Asia to make up 25 per cent of group revenue in a couple of years, from 17.5 per cent now, Bloomberg reported in August.

BNP exit

Ravinder Singh and Ravi Malani are among the new hires from BNP Paribas, which is the fifth-largest private bank in India, according to Asian Private Banker data. The French bank said in June that it plans to exit its onshore wealth management business in India.

Singh, a managing director and strategic client adviser for India onshore, led a team of 60 at Malani joins Credit Suisse as a director and senior product manager, while Brijesh Majali comes on board as director and team leader of relationship managers and their assistants who are also joining from BNP.

Credit Suisse has some catching up to do in the India wealth business. Although it’s the second-largest private bank in Asia excluding mainland China, it ranked 13th on assets managed for the rich in India, trailing local lenders such as Kotak Wealth Management, ICICI Bank Private Banking and IIFL Wealth, Asian Private Banker data show.

While BNP is leaving the India wealth market, some others are wanting in. Oversea-Chinese Banking’s private bank, Bank of Singapore, last year agreed to partner with Mumbai-based Edelweiss Group in a deal that allows locals to access the Singapore firm’s investment offerings. Cavalli is also expanding his team in Southeast Asia.

On Monday, he said he hired former HSBC Holdings veteran Bie Lan Oey to help drive its wealth business in the region.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor