Credit Suisse Brings Up to UBS in Asia

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ZurichUBS lost a bit of ground to the competition in the Asian hope market last year. Assets under management shrank by nearly seven percent to $ 357 billion, according to a survey published on Tuesday by the publication "Asian Private Banker."

Thus, the largest Swiss bank is still the undisputed number one in the region. However, some competitors moved up: Credit Suisse – the number two – increased the assets therefore by 1.5 percent to 205 billion US dollars. Third and fourth are HSBC and Julius Bär. However, the US bank Citi and DBS are excluded from this list because their published figures are not comparable. They too are among the industry's greats in the region.

Assets in the largest 20 private banks in Asia together shrank by 3.6 percent last year. The magazine attributed this to the turbulent financial markets at the end of 2018. As a result, client assets in many banks had shrunk. With the recovery in early 2019, many institutions could make up for it, however.

Also with regard to the customer advisors, UBS is by far the largest private bank in Asia with 1,138. Credit Suisse comes in half with 580. All numbers refer to Asia excluding local business in China.

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