Money & Banking

Credit Suisse expands wealth management team in India

KR Srivats New Delhi | Updated on October 06, 2020 Published on October 06, 2020

Puneet Matta, Head of Wealth Management India, Credit Suisse,

Hires nine experienced bankers for India unit

Credit Suisse, a global wealth management company, has expanded its team in India and hired nine highly-experienced bankers to enhance its strategic offerings for clients in the Indian market.

“As part of our growth strategy and commitment to further build on the success of our wealth management franchise to capture new market opportunities, we have hired a team of nine highly experienced bankers based in Mumbai,” Puneet Matta, Head of Wealth Management India, Credit Suisse, said.

He said India is a key strategic growth market for private banking in South Asia and Credit Suisse has been making good progress in delivering significant enhancements to its banking platform.

“There is no better time for us to extend our footprint in India to leverage the boundless wealth opportunities here,” Matta said.

As reported in the 10th edition of the Global Wealth Report by the Credit Suisse Research Institute, India’s total wealth has increased four-fold since 2000, to reach $12.6 trillion in 2019. India is ranked fifth globally in terms of the number of ultra-high net worth individuals, with 4,460 adults having wealth over $50 million and 1,790 having more than $100 million, according to Credit Suisse estimates.

Key growth market

Benjamin Cavalli, Head Private Banking South Asia, said India is a key growth market for Credit Suisse and is a market that the firm knows very well. “We have been serving clients in India since 2008, providing services that range from financing, debt and capital markets transactions, as well as trading. With a strong wealth management team on board with us, we have now deepened and cemented our unique position in this market, where we can deliver comprehensive solutions to our clients for both their personal wealth and their businesses to leverage the long-term potential in India,” he said.

The nine senior hires made by Credit Suisse for the wealth management team in India include Ravinder Singh, who has joined as Managing Director and Strategic Client Advisor for India onshore; Ravi Malani who has joined as Director and Senior Product manager and Brijesh Manali who has joined as Director and Team Leader.

Prior to Credit Suisse, Singh was Managing Director & CEO at BNP Paribas where he led a team of 60 professionals across India and Malani was previously Head of Equities at BNP Paribas. In his most recent role at BNP Paribas, Manali was a Team Leader and Senior Private Banker managing a client coverage team.

Credit Suisse has a leading wealth management franchise in Asia Pacific, and was most recently ranked the top 2 private bank in the region by Asian Private Banker in its Asia (ex-China onshore) AUM League Tables 2019.

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Published on October 06, 2020
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