Credit Suisse to Expand in Japan

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Credit Suisse to Expand in Japan
By Credit Suisse Group AG (Own work) [CC BY-SA 3.0], via Wikimedia Commons

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.

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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.

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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).

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1 COMMENT

  1. 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.