Credit Suisse is planning to scale up its private banking operations in Australia to build the wealth of an exclusive club of clients through the use of its global investment banking and asset management businesses. The Swiss wealth manager is targeting high net worth individuals with minimum investable assets of about A$3 million ($2.7 million) and a salary of more than A$250,000. It said it plans to hire about 50 more advisors over the next few years. Marcel Kreis, Credit Suisse's head of private banking Asia Pacific, told The Australian: "We are all moving into the private wealth management space but coming at it from a different angle. We are not seeking to replace clients' transactional banks or accountants, but rather to bring to their needs our strengths on a global basis, such as our asset management and investment banking skills. "Many people who may be our potential clients are also successful business owners looking to grow offshore, or transfer assets from offshore. There may be some who will want to cash out or consider an intergenerational transfer. From such businesses, there is more demand for private banking services, particularly for corporate and personal advisory such as financial planning and wealth advice, or in succession planning for businesses." In July, Credit Suisse named Australia one of its priority markets and announced the appointment of Nicholas Kalikajaros as managing director and head of Private Banking Australia, together with three new senior staff members. Mr Kalikajaros, who took up the Sydney-based post this month, was previously the head of Global Private Clients Australia and New Zealand at Merrill Lynch, and prior to that was the general manager at St George Private Bank and co-head of UBS Private Clients Australia. Boston Consulting Group’s 2007 Global Wealth Survey said there were 135,000 households classified as millionaire (those with $1 million equivalent of investable income) status in Australia - the thirteenth largest concentration in the world. And personal wealth grew faster in Australia than in any other developed country in the five years to the end of 2006.