According to a report in Reuters, Credit Suisse Group AG (NYSE:CS) is planning to increase assets under management (AUM) in its private banking division in Japan. At present, the Swiss Bank is in troubled waters and its decision comes after other banking majors like U.S.-based Merrill Lynch, a division of Bank of America Corporation (BAC) and French bank, Societe Generale Group (SCGLY) have already closed their private banking operations in Japan.
Credit Suisse believes that the exit of many banking majors from the private banking sphere has opened up opportunities to gain market share in the Japanese market. Further, the Swiss bank believes that the demand for services that merge the banking and brokerage business has increased in Japan in recent times.
Back in 2009, Credit Suisse had launched its private banking operations in Japan and later in end-2011, it had acquired British lender HSBC Holdings plc’s (HSBC) private banking business there. Notably, at present, the Swiss banking giant aims to cater to Japanese customers having more than ¥1 billion ($10 million) in personal financial assets.
Many value investors have given up on their strategy over the last 15 years amid concerns that value investing no longer worked. However, some made small adjustments to their strategy but remained value investors to the core. Now all of the value investors who held fast to their investment philosophy are being rewarded as value Read More
Japan is currently an attractive investment option for Credit Suisse as the country is looking to promote sustainable economic growth and recovery after the financial crisis and Fukushima disaster in 2011. Credit Suisse has been experiencing a sluggish economy for the past few quarters in Europe and hence, has been eyeing profitable opportunities outside the continent.
Further, in the U.S., where the Swiss bank has a significant footprint, it has been plagued by stringent regulations and weak consumer demand owing to the sluggish economic recovery. Further, it is facing probes by U.S. regulators for allegedly facilitating tax evasion by American clients.
We believe that Credit Suisse’s strategic expansion of its private banking operations in Japan will be a much-needed boost to its top line. Notably, the Private Banking & Wealth Management division contributed more than 50% of the total revenue of Credit Suisse in 2013 and expansion of such a profitable aspect of its business will bode well for the company going forward. However, the sluggishly recovering economy and the stringent litigation remain looming concerns.
Credit Suisse carries a Zacks Rank #5 (Strong Sell).
BANK OF AMER CP (BAC): Free Stock Analysis Report
CREDIT SUISSE (CS): Free Stock Analysis Report
HSBC HOLDINGS (HSBC): Free Stock Analysis Report
SOCIETE GENL FR (SCGLY): Get Free Report
To read this article on Zacks.com click here.
Updated on
Sods —–
Law.
Sept.—-
2014.
For almost two
decades we have strived to get justice for the injustice we have
suffered at the hands of a world renowned bank— PICTET & CIE.
BANK.
Two yorkshiremen
both running their own small family businesses trying to resolve the
problem by taking all the correct legal procedures to recover their
monies.
The matter was
raised in Parliament – twice– the FSA investigated the matter
concluding that PICTET had rogues operating in their London Bank —
but the rogues had left —saying no one left to prosecute.??? —–
so there.
We then
approached the Financial Ombudsman Service. (FOS) — our case was
dealt with by seven different people —- then our numerous E-Mails
were ignored — nobody would speak to us ——-so there.
We then asked the
SFO ( Serious Fraud Office.) to investigate our case —- the
criteria of our case ticked all their boxes. — we were instructed
not to send them
any
documents/evidence.—— in fact they wrote to us advising us to go
to the Citizen’s Advice Bureau.(CAB.)
Richard Alderman
the SFO boss —- who responded to our letter was the same man who
would not investigate the “ Madoff” scandal or the “Libor”
fiasco.
The MP’s
committee —- said he was sloppy— and the SFO was run like “
Fred Karno’s Circus” —– it was an office of fraud.—– so
there.
Our M.P.
approached our local Chief Constable to investigate—– he was
called—- Sir Norman Bettison— Chief Constable of West Yorkshire
Police —- a force that made “ Dad’s Army” look like the S.A.S.
They were inept – corrupt —malicious — from top to bottom. We
were criminally dealt with by the Forces Solicitor—- the Head of
the Economic Crime Unit —-and the Chief Constable —– so there.
We were then
advised to pass our complaint against West Yorkshire Police to the
I.P.C.C. – which we did — they advised us to make our complaint
to —- the West Yorkshire Police — we did with reluctance — all
we got was abuse and obfuscation. —– so there.
Sir Norman
Bettison —- The Forces solicitor— and the Head of the Economic
Crime —- have all been removed from their posts and facing criminal
allegations.
—— so there.
We even sought
justice through the Courts — culminating in a visit to the Court of
Appeal-London.— On leaving the Courts of Appeal that day our
barrister a “rising star” informed us — that if that was
British Justice then you can keep it. He quit the law and moved to
Canada —– so there.
A few years later
we learned that one of the judges ( Lord Justice.) in our case at the
Court of Appeal was related to a senior executive of the Pictet Bank
—–so there.
The Ministry of
Justice passed our case to Lord Myners to investigate — we would
rather have had Mickey Mouse or Donald Duck do it. — to this day we
don’t know
—whether he did
anything or not —- probably not — seeing that his wife was on the
Pictet Prix Board.
Pictet & Cie
.Bank — voted private bank of the year 2013.
Ivan Pictet —-
Voted banker of the year 2012. —- the senior partner — lied on
numerous occasions and had documents destroyed — also said genuine
documents were forgeries. —– so there.
Ivan Pictet in
Oct. 2013 —- Given the Legion of Honour — but saying that —-
honours were given to Hitler — Eichmann — Mussolini —Franco
— he’s in fitting company. —-so there.
MONTY
RAPHAEL.Q.C. — Peters & Peters.London. They were the banks
lawyers.
Monty
Raphael.Q.C. along with Ivan Pictet withheld crucial documents
requested by the High Court —- the FSA —- and the police Fraud
Squad. —-so there.
Monty
Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.
Monty
Raphael.Q.C. became a Master of the Bench in Nov.2012.
An expert in
Fraud —the Doyen of Fraud Lawyers. —– so there.
This says a lot
about Banks — the consensus of opinion is that they are highly paid
“crooks” —- no wonder they voted Ivan Pictet banker of the
year.
It appears that
crimes in the “establishment.” are honoured by their peers.
“HONOURS
AMONG THIEVES.”
Full Story.—-
“google or Yahoo ”
Insert.
Ivan
Pictet.Banker.
Monty
Raphael.Q.C.
Ivan Pictet/Monty
Raphael.
Update
— Sept.. 2014.
Pictet
& Cie Bank —- List of Crimes.
1996 —–
F.S.A— Breach in London.
2003 —– F.S.A.
— States rogues operating in Pictet’s London office. Ivan Pictet
states
that documents were forgeries but were later proved to be genuine in
the
British Courts. He had documents destroyed in their London office —
hoping
to hide the crimes.
2007
.- – – The Securities and Exchange Surveillance issued a
recommendation
that
the Prime Minister and The Commissioner of the FSA to take
disciplinary action against Pictet Asset Management – Japan Ltd.
2008
.– Dec. – Pictet Bank state – ” We have never chosen
any funds linked to Madoff.
2011 – – – Madoff
Trustees sue Pictet & Cie. Bank for $156 Million.
2011- – – Pictet &
Cie Bank abetted a Bribery Scheme – Oil company sues Pictet for
$350Million
2012 – – – April
– Geneva Bank Pictet used in Offshore Tax Scheme. ( USA.)
2012 — – June.
— Published in Anglo INFO .Geneva.— USA Trust Fund Investors were
sent false and fraudulent documents by Pictet Bank in order to
collect large fees. ( Like MADOFF)
Even after the SEC
in the USA uncovered the fraud Pictet continued to charge fees and
drain whatever was left in these accounts. Estimated that $90 million
lost in this Pictet Ponzi scheme.
2012 – – – July.
— De – Spiegel. — states – Pictet Bank uses a letterbox
company in
Panama
and a tax loophole involving investments in London to gain
German
millionaires as clients.
2012
– – – August —- German Opposition Leader accuses Swiss Banks of
“organised crime.”
2013
— Jan.— Swiss MP’ table motion to freeze Tiab Mahmud’s assets of
” criminal origins”
held
in Swiss banks – $18 million held in 5 accounts at Pictet &
Cie. Bank. Bahamas.
Ironically
the Pictet & Cie.Bank partners are bigger criminals than the
criminals who have accounts in the their bank.
The
bank is now seeking to re-structure — to cut the partners liability
– hoping to off load their decades of criminal responsibilty –
and move onwards to carry out new crimes. The Germans are
right
— the bankers should go to prison if found guilty of financial
crimes.
Swiss Bank
Accounts. Sept . 2014.
Is your monies safe
in these accounts —- definitely NOT.
Would you get your
money back if every body decided to withdraw all their accounts –
NO WAY.
Economic Experts
say that there would only enough money to repay 50% of their clients.
Are you going to be
in the 50% — that loose your money.– Get it out NOW.
2012 — – June.
— Published in Anglo INFO .Geneva.— USA Trust Fund Investors were
sent false and fraudulent documents by Pictet Bank.Switzerland. in
order to collect large fees. ( Like MADOFF) —Even after the SEC in
the USA uncovered the fraud Pictet continued to charge fees and drain
whatever was left in these accounts. Estimated that $90,000,000
million lost in this Pictet Ponzi scheme.
2012 – – – July.
— De – Spiegel. — states – Pictet Bank uses a letterbox
company in
Panama
and a tax loophole involving investments in London to gain
German
millionaires as clients.
2012
– – – August —- German Opposition Leader accuses Swiss Banks of
“organised crime.”
All
the fines that crooked Swiss banks have incurred in the last few
years exceeds £75.Billion.
It
is also calculated that the secrecy ” agreements” with
regards to tax evation by their clients will cost the banks another
£450 Billion.( paid out of your monies.)
The
banks are panicking — the are quickly restructuring their banks
—- from partnerships —
to
” LIMITED COMPANIES.” —– this will probably mean that
in the future — they could
pay
you only 10% of your monies ” if you are one of the lucky ones”
—- and it be legal.
Comments are closed.