Credit Suisse Deputy Market Group Head and Market Leader for Indonesia Malcom Tay
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Credit Suisse Hires Malcolm Tay as Deputy Group Head & Market Leader for Indonesia, Accomplished Banker with Stellar Reputation

24th June 2021 | Singapore

Credit Suisse, the Swiss banking group with more than $1.75 trillion managed assets (CHF 1.59 trillion), has hired Malcolm Tay as Deputy Group Head & Market Leader for Indonesia.  An accomplished banker with stellar reputation in the private banking industry (Deutsche Bank, Citi Private Bank, Merrill Lynch), Malcolm joins Credit Suisse Private Bank as Deputy Group Head & Market Leader for Indonesia after 18 years at Deutsche Bank, where he last held the role of Group Head of Southeast Asia of Deutsche Bank International Private Bank.  Credit Suisse Head of Private Banking South Asia Benjamin Cavalli also made the announcement of 6 Private Bankers joining Credit Suisse: Arleen Sy, Klara Chan, Voragun Thunyasthukul, Patchai Suratwisit, Vaidyanathan Narayanan and Rohit Narayanan.

Indonesia is home to one of the fastest growing billionaires and UHNWs in Asia, and is one of 5 largest economy in Asia with more than $1 trillion GDP (China, Japan, India, South Korea, Indonesia) and the largest economy in Southeast Asia (GDP $1.1 trillion).


“ Credit Suisse Hires Malcolm Tay as Deputy Group Head & Market Leader for Indonesia, An Accomplished Banker and Stellar Reputation “

 

Malcolm Tay, Credit Suisse Deputy Group Head & Market Leader for Indonesia

Credit Suisse Deputy Market Group Head And Market Leader For Indonesia Malcom Tay Wide
Credit Suisse Deputy Market Group Head and Market Leader for Indonesia Malcom Tay

Malcolm Tay will join Credit Suisse as Deputy Market Group Head and Market Leader for Indonesia with effect from 1st September 2021.  Based in Singapore, Malcolm will report to Johanes Oeni who is Credit Suisse Private Bank Market Group Head Indonesia.

Malcolm Tay has over 30 years of wealth management experience.  He joins Credit Suisse after spending 18 years at Deutsche Bank International Private Bank, where he was most recently Group Head Southeast Asia.  Prior to Deutsche Bank, he was at Merrill Lynch and before Merrill Lynch, he was the Co-Head of Indonesia Onshore at Citi Private Bank for 10 years.

 

Credit Suisse Benjamin Cavalli Headshot 1
Credit Suisse Head of Private Banking South Asia and CEO Singapore, Benjamin Cavalli
Credit Suisse Head of Private Banking South Asia, Benjamin Cavalli:

“I am delighted to welcome Malcolm to Credit Suisse.

He is one of the most accomplished Indonesia-focused bankers with a stellar reputation in the industry. His appointment underscores our commitment to accelerate our growth plans and further strengthen our leading position in this important market within Private Banking South Asia.”

 

Indonesia, Largest Economy & Fast Growing Billionaires, UHNWs & HNWs

Jakarta Indonesia 1
Jakarta, Indonesia

Indonesia is home to one of the fastest growing billionaires and UHNWs in Asia, and is one of the largest economy in Asia and the largest economy in Southeast Asia with GDP of more than $1.1 trillion and GDP per capital of around $4,200.  In Asia-Pacific, only China, India, Japan, South Korea, Australia and Indonesia has more than $1 trillion GDP.   

Indonesia also has one of the largest population in the world and has the 4th largest population in the world with more than 270 million people.  Only China (1.3 billion), India (1.3 billion) and United States (320 million) have a larger population than Indonesia.

Related:

 

Credit Suisse Expansion Drive, 6 Private Bankers

Credit Suisse Benjamin Cavalli Wide 1
Credit Suisse Head of Private Banking South Asia and CEO Singapore, Benjamin Cavalli

With the hiring and appointment of Malcolm Tay, Credit Suisse Head of Private Banking South Asia, Benjamin Cavalli also made the announcement of 6 Relationship Managers joining Credit Suisse:

  • Arleen Sy, Senior Relationship Manager (Philippines Market) in Hong Kong
  • Klara Chan, Senior Expert Relationship Manager (South Asia Switzerland Team) in Switzerland
  • Voragun Thunyasthukul, Senior Relationship Manager in Thailand
  • Patchai Suratwisit, Relationship Manager in Thailand
  • Vaidyanathan Narayanan, Relationship Manager (India Market) in Singapore
  • Rohit Narayanan, Relationship Manager (India Market) in Singapore

Private bankers typically manages $100 million to $300 million of assets, with the most senior and top private bankers managing assets of $300 million to $1 billion and top UHNW private bankers can manage book size of $500 million to $2 billion.

Credit Suisse:

 

Credit Suisse Key Leadership Appointments in Asia

Credit Suisse Dominique Boer Wide
Credit Suisse Market Group Head Singapore, Dominique Boer

Credit Suisse Private Bank has been making numerous key leadership appointments recently, growing from within including appointing Lock Keng Cheong (Lock KC) as the new Market Group Head Greater China in Singapore, Dominique Boer as the new Market Group Head Singapore and Alois Müller, Credit Suisse’s Head of Global Private Equity, has taken on the additional newly created role as Head of Private & Alternative Markets Asia-Pacific.

Investment Consulting Team Leader for Thailand & Vietnam Tammy Tan was appointed the new Team Leader for Thailand, and Vietnam Market and Greater China Team Leader John Huang was appointed as the new Greater China Market Leader.

(HNW ~ high net worth, UHNW ~ ultra high net worth)

 

Credit Suisse, $1.75 Trillion AUM

Credit Suisse Hong Kong
Credit Suisse Hong Kong

In 2021 Q1, Credit Suisse reported total AUM of $1.75 trillion (CHF 1.59 trillion). Credit Suisse has 3 main business groups: Swiss Universal Bank, International Wealth Management (Private Banking) and Asia Pacific. The 3 business groups are supported by Credit Suisse Investment Bank.  (AUM ~ Assets under Management)

For Asia Pacific, Credit Suisse reported CHF 241.9 billion AUM with 630 Relationship Managers in 2021 Q1.

Credit Suisse Assets under Management (AUM):

  • Swiss Universal Bank – Private Clients: CHF 213.1 billion
  • Swiss Universal Bank – Corporate & Institutions: CHF 487 billion
  • International Wealth Management – Private Bank: CHF 386.2 billion
  • International Wealth Management – Asset Management: CHF 458 billion
  • Asia Pacific: CHF 241.9 billion
  • Total: CHF 1.59 trillion / $1.75 trillion

(Net CHF 1.59 trillion AUM after reducing CHF 190.2 billion from assets managed by Credit Suisse Asset Management within International Wealth Management)

 

Credit Suisse Growing Fast in Asia

China City 3
Shanghai Pudong City | Leading Financial Centre in Asia

Credit Suisse continues to grow in Asia, and focusing on accelerating growth in North Asia including China.  In Q1 2021, Credit Suisse hired 30 Private Bankers in Asia-Pacific.

Credit Suisse APAC reporting highlights for 1Q 2021:

  • CS APAC delivered record net revenue and adjusted pre-tax income (PTI
  • APAC regional revenue +39% YoY and 20% of Group revenue
  • Client Business Volume at $419 billion
  • APAC division pre-tax income more than doubled YOY
  • Net New Assets $5.4 billion in 2021 Q1

 

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Credit Suisse

Credit Suisse is one of the world’s leading financial services providers. Our strategy builds on Credit Suisse’s core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland.

Credit Suisse employs approximately 49,090 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York.

Visit: Credit Suisse



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