Corporate Press Release
Credit Suisse makes senior appointments for Private Banking India
Credit Suisse is pleased to announce that Balakrishnan Kunnambath, Private Banking Market Group Head for Non-Resident Indian (NRI) Asia Pacific and Indian Sub-Continent based in Singapore will oversee the Private Banking India business in addition to his existing portfolio. He reports to Alex Wade, Head of Developed and Emerging Asia for Private Banking Asia Pacific. Mr. Kunnambath joined Credit Suisse in November 2015 from DBS Private Bank in Singapore where he was the Head of NRI business covering Asia Pacific and the Middle East NRI markets. A CFA charter holder, he has more than 30 years of experience in financial services including with Société Générale in Singapore, where he was Managing Director & Global Market Manager for the Indian Subcontinent, NRI and Onshore India, and with ABN AMRO Bank where he held various positions including Head of Private Banking UAE and Global Market Manager Indian Subcontinent.
Iñigo Mendoza is appointed Head of Private Banking India, based in Mumbai, reporting to Mr. Kunnambath and locally to Mickey Doshi, CEO India. Before taking on this role, Mr. Mendoza was the Head of Business Management for Developed and Emerging Asia Market Area of the bank's Private Banking Asia business, with the additional responsibility of overseeing the Private Banking India business in the past year. Mr. Mendoza has more than 10 years' experience in banking and finance in Europe and Asia, including five years with Credit Suisse in business strategy and chief operating officer functions in Switzerland and Singapore.
Commenting on the appointments, Alex Wade said, "With close to one trillion USD of high net worth wealth, India is an important wealth management market for Credit Suisse in Asia. With his deep knowledge and expertise in global Private Banking for NRI and Indian Sub-Continent markets and experience in leading and growing front teams, Balan will play a key role in further developing our Private Banking India franchise. I thank Inigo for overseeing the Private Banking India business in the past year, developing the business plan and implementing the critical initiatives to expand our onshore product platform. I am confident that under Balan and Inigo's leadership, we will continue to broaden our client base and deepen client penetration, drive collaboration opportunities with both our global NRI teams and our business in India, and to grow our Indian Private Banking franchise sustainably for the longer term."
Mickey Doshi added, "Credit Suisse is strongly committed to India and continues to position itself as the Trusted Entrepreneurs' Bank for our clients. Private Banking is an important part of our global integrated platform of services and solutions catering to the needs of high and ultra-high-net-worth individuals, entrepreneurs and family-owned businesses in India. I look forward to working with Balan and Inigo to further build up our Private Banking India business, leveraging the bank's full suite of integrated investment banking and wealth management capabilities to attract new clients and generate assets and transactions."
According to the Credit Suisse Research Institute's Global Wealth Report 2016, there are 178,000 millionaires in India with USD 973 billion in wealth. Among them, ultra-high-net worth individuals with more than USD 50 million in net wealth grew 5.2% to reach 2,260, including 1,040 with more than USD 100 million. The number of millionaires is projected to increase by 9.5% in the next five years to 280,000 in 2021.
Credit Suisse is highly committed to the Indian wealth management market. The Bank first started its Wealth Management operations in India in 2008, allowing it to deliver integrated financial services to clients locally. Furthermore, Credit Suisse has dedicated teams across the major financial centers in Singapore, Hong Kong, Dubai, London, Zurich and Geneva, catering to the needs of global NRI clients.
In India, Credit Suisse is a leader in equity brokerage and research through Credit Suisse Securities (India) Private Limited, which has a broker dealer license in the Bombay Stock Exchange and National Stock Exchange. It also holds a Merchant Banking License for investment banking activities, a Research Analyst License for Equity Research, Stock Broker License for Broker dealer activity and a Portfolio Management License for its Wealth Management business from the Securities & Exchange Board of India. Credit Suisse also holds a license from the Reserve Bank of India to operate as a scheduled commercial bank. Credit Suisse also has two major centers in Pune and Mumbai providing support services to its businesses globally.