BANGKOK, May 18 (Reuters) - Credit Suisse said on Wednesday it set up a wealth management team in Thailand to tap rising demand from high-net-worth individuals, as part of its expansion in Asia. Credit Suisse, which has operated full-service securities brokerage in Thailand for 16 years, said in a statement Thailand has a sizeable high net worth wealth pool compared to other major regional economies such as South Korea or Singapore. The bank is targeting two key client segments: high-net-worth individuals with assets of more than $2 million, and ultra-high-net-worth individuals with asset of $50 million, or $250 million in net wealth, it said. Most of them are first- or second-generation entrepreneurs with family-owned businesses, who are increasingly keen to diversify their wealth through global investments, the statement said. According to a 2015 Asia Pacific wealth report, there are around 91,000 high-net-worth individuals in Thailand with more than $1 million in investable assets, owning total $456 billion of investable wealth, it said. There are also an estimated 340 ultra-high-net-worth individuals with more than $50 million in net wealth, according another Credit Suisse global wealth report. (Reporting by Khettiya Jittapong; Editing by Kim Coghill)
Credit Suisse has set up a wealth management team in Thailand so as to tap into the increased demand from wealthy individuals and as part of its expansion plan into Asia. The bank said it would also open an office in Hong Kong by the end of this year with plans for more offices across Asia over time. Indeed, according to a 2015 Asia Pacific wealth report, there are about 91,000 high-net-worth individuals in Thailand with over $1m in investable assets.