Earlier this week, Credit Suisse announced a fall in its private banking results. WealthBriefing talked briefly to Walter Berchtold, chief e...

Earlier this week, Credit Suisse announced a fall in its private banking results. WealthBriefing talked briefly to Walter Berchtold, chief executive of the private bank, at the results press conference, about the bank’s strategy going forward. Asia will remain a major focus of the bank’s growth strategy. “We have recruited 150 new relationship managers so far this year and Asia remains the focus for growth,” said Mr Berchtold. Oswald Grubel, the bank’s chief executive, added that: "Singapore remains the major hub for operations in the Far East and Pacific. There are now 1,500 people deployed there. Recently, the centre has been strengthened with more back-office staff.” Asked by WealthBriefing about the possibility of growth in the European on-shore market through acquisition, Mr Berchtold said: “We are constantly surveying the market on the lookout for an opportunity at the right price and with appropriate assets. I cannot say if we shall make such a move this year or next.” Credit Suisse reported on Wednesday a 13 per cent year-on-year fall to SFr581 million ($453,7 million) in net profit in the second quarter for its private banking business. The bank said it gained SFr7 billion of net new money in its private banking business in the first quarter, a third less than in the year-ago period, and likely to be much less than achieved by its great rival, UBS, which reports its results next week.