Credit Suisse to offer private banking in Japan

Junya Tani will move across from UBS to head up the new business.
Credit Suisse announced on Friday that it plans to launch private banking operations in Japan by the end of this year and will appoint Junya Tani as head of the new business.

Tani will join Credit Suisse in Tokyo on July 22. He joins Credit Suisse from UBS Securities Japan, where he has been head of wealth management for Japan. Prior to UBS, he worked for Citi where his last position was head of product development in the private banking division.

In announcing the expansion of its onshore private banking business in Japan, Credit Suisse noted it has been offering investment banking and has run its asset management operations in Japan for nearly 40 years. It even had a small onshore private banking business in Japan in the 1990s, but this ceased operations in 1999.

The bank also, not surprisingly, pointed out in a press release that Japan is the world's second largest economy and has "an enormous amount of accumulated wealth".

"We will be focusing on leveraging Credit Suisse's integrated banking platform with our well-established investment banking and asset management divisions to offer a comprehensive range of services and deliver the benefits of the entire bank to our clients in Japan," says Marcel Kreis, head of private banking for Asia-Pacific.
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