Credit Suisse sees AsiaPac profits doubling

As part of a global review the Swiss bank is investing in Asia, giving the region a standalone P&L and appointing Helman Sitohang to its executive board.

Credit Suisse said on Wednesday it will invest more capital in Asia Pacific and expects to double its 2014 pre-tax income of CHF 0.9 billion $941 million by 2018 as it shifts its focus to banking the region's growing cohorts of entrepeneurs.

Switzerland's second-biggest bank is also seeking to double its CHF133 billion $139.2 billion of client assets under management in the region by 2018. The news is part of a group wide strategic review which has prompted the bank to raise $6 billion in fresh capital and cut costs at its investment bank by CHF2 billion globally.

Demonstrating Asia Pacific's growing importance to the...

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