The plan is for the Asia-Pacific region to contribute a quarter of revenues atCredit Suisse in coming years, following a more intense focus on private banking and some aspects of investment banking, the Asia-Pacific chief executive of the Swiss bank has told Dow Jones.

Kai Nargolwala, a member of the Credit Suisse executive board, referring to the private banking operation, said in an interview: "Asia was the highest contributor of net new assets for any region in the second quarter. Clients are still risk averse though. Traditionally, 25 per cent of their portfolios has been in cash. Currently it's almost double that."

Credit Suisse currently makes 12 per cent of its revenues and gets 9 per cent of its assets under management from the Asia-Pacific region, but Mr Nargolwala said the Asia-Pacific region is growing faster than any other: "We are hiring in a very focused way and are looking at people to serve ultra high net worth customers and some in investment banking,” he said. 

The number of Credit Suisse relationship managers focusing on ultra high net worth investors in the Asia-Pacific region rose to 400 at end 2008 from 230 in 2006.

But earnings from the region remain for now the lowest compared with other regions and Switzerland.

Asked about interest in the Asian private banking assets Dutch giant ING at present on the market, Mr Nargolwala said: "We are looking at any opportunities that come up. But we don't feel any pressure to do any M&A to get our private banking business going."