In an interview with the Japanese paper, the Swiss bank’s chief executive Brady Dougan said current market turbulence is providing the bank with a good opportunity to tap demand for asset management in Japan.

Mr Dougan was quoted as saying there are various possibilities for expanding its business in Japan, including alliances with other financial institutions.  

The bank is targeting high net worth clients - those with assets of ¥1 billion ($10 million) or more, Isamu Kajino, Credit Suisse spokesman in Tokyo, was quoted by Reuters as saying.

He added the bank is also planning to boost its investment banking operations in Japan.

A spokesperson for Credit Suisse told WealthBriefing that more details of the Japanese expansion will be available closer to the summer opening.

The play for Japan comes after the bank appointed Lim Eng Guan as managing director and market leader for Singapore in the bank’s private banking division earlier this month. Based in Singapore, Mr Lim reports to Francois Monnet, managing director and head of private banking for Southeast Asia and Australasia.