Banking for 7 billion and 7 million

GLOBAL INVESTOR 3.06 Services — 69
example because it so clearly shows the
strength and the global perspective of
the integrated bank.
But hasn’t there always been a high
permeability between the divisions in Asia?
Is this really an achievement of the One
Bank Initiative?
Paul Calello: It is all about the synergies
of our integrated bank structure! The
coordination that is taking place is extraordinary.
Since the employees in the region
have been brought into the mindset
of the integrated bank, we have started to
deliver cross-divisional services that are
unique in our industry.
“Asia Pacific is creating
more millionaires
than anywhere else in
the world.”
What services do private banking clients
in Asia expect us to offer – do we just
need the best research or are we their
trusted advisors in a multitude of areas?
Paul Calello: There are many clients
whose needs reach across all divisions.
For example, there are a significant
number of families that call on our Private
Banking services, but also on the services
of our Investment Banking and our Asset
Management divisions. So we need and
deliver not only the best research but
also legal and taxation services, mergers
and acquisitions, escrow services, holding
structures, private funds, capital market
transactions, real estate advice, hedging
transactions when selling assets – in fact,
we seek to offer any service a client needs.
Is there a “prototypical Asian private
banking client”?
Paul Calello: Private banking clients in
Asia Pacific are of increasing sophistication
and they are increasingly global in their
perspectives. But there are also strong
distinctions. We are the global trusted
advisor to some of the wealthiest families
in the region, as well as to a new generation
of entrepreneurs who earned their
multimillion-dollar fortune through their own
talents and now seek to expand their
business and grow their personal wealth.
Is it true that the number of millionaires
in the Asia Pacific region is rising sharply?
Paul Calello: Asia Pacific is creating
more millionaires than anywhere else in the
world. The growth rate is amazing. One
of the recent surveys claims that there are
over 2.4 million high-net-worth individuals
across Asia Pacific. So, even at an individual
level I foresee our clients needing
more and more investment banking and
asset management advice and services.
How fast is Credit Suisse’s growth in the
region?
Paul Calello: Over the last few years,
our Private Banking unit has doubled the
number of people it has hired to about
800. It has also grown very significantly in
terms of bottom-line contribution to the
firm. Our challenge is in finding and hiring
quality people and insuring that we balance
the platform and the infrastructure
against that.
What expectations do you have in
regard to private banking?
Paul Calello: We want to be discerned
by our clients as the premier bank in
Asia, as a provider of innovative services
of the highest quality.
Which strengths will help us to achieve
this goal?
Paul Calello: The most differentiating
factor is the quality of our staff. It is key
to find people who know the markets they
are responsible for, have the ability to understand
a client’s needs and aspirations,
but also have a deep understanding of
which of the products of our platform fits
the needs of the clients. The quality of our
services is also based on the depth and
“We must keep on
evolving and continue
the tradition to innovate.”
the breadth of our product range. We
have the brand, we have top-quality people,
and a better product offering than any
other financial institution in the world. But
we must not rest on our laurels. We must
keep on evolving and continue the tradition
to innovate. We have very ambitious
growth plans for the region – I am convinced
we will achieve them.
Paul Calello is Chief
Executive Officer of Credit
Suisse Asia Pacific, based in
Hong Kong. He is a member
of the Executive Board of
Credit Suisse, Chairman of
the Asia Pacific CEO Committee,
Chairman of the Asia
Pacific Philanthropic Committee,
and a Trustee of the
Credit Suisse Foundation.
Paul Calello joined Credit
Suisse First Boston (CSFB) in
1990 as a founding member
of Credit Suisse Financial
Products, the former financial
derivatives subsidiary of
CSFB. He held several positions
heading CSFB’s global
derivatives operations based
in Tokyo, London, New York
and Hong Kong.
Photo: Colin Beere