C Suisse targeting wealth management in China

Credit Suisse CEO Tidjane Thiam said on Tuesday the bank has been "underweight" in China and would look to build its wealth management capabilities in the world's second-biggest economy, despite slowing growth.

Reuters reports that Thiam told a media briefing on the sidelines of the annual Credit Suisse Asian Investment Conference in Hong Kong that he was not concerned by the slower economic growth in China. The CEO said he saw this as a natural development as the country transforms itself into a consumption-driven economy rather than one led by investment.

"We have been underweight (in) China and will continue to invest," said Thiam, 53, who joined the bank in July 2015. The banker said he would be spending five days in China as part of his current Asia trip, meeting clients and seeking to develop his understanding of their needs.

Thiam's focus on China comes at a time when Credit Suisse has made wealth management a key plank for its future growth. The bank is also shifting its focus to the Asia-Pacific region, where it already has an important presence in Southeast Asia: Thiam aims to more than double Asia-Pacific pre-tax income to $2.19bn by 2018.

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