HONG KONG : Credit Suisse is offering higher deposit rates than its rivals to attract new funds from wealthy clients in Asia, people with knowledge of the matter said, as the embattled private bank seeks to stem outflows and stop its bankers leaving. The Swiss bank is offering a 6.5 per cent annual rate
HONG KONG : Credit Suisse is offering higher deposit rates than its rivals to attract new funds from wealthy clients in Asia, people with knowledge of the matter said, as the embattled private bank seeks to stem outflows and stop its bankers leaving.
The Swiss bank is offering a 6.5 per cent annual rate on new three-month deposits of $5 million or above, said three sources with knowledge of the matter, who declined to be named as they were not authorised to speak to the media."The banking sector has been responding to global rate hikes with higher rates and Credit Suisse is fully focused on providing our clients with differentiated advice and competitive solutions," a Credit Suisse spokesperson said.
The offers are roughly 100 to 200 basis points higher than those of major rivals in the region such as JP Morgan, UBS and Citi Group, two of the sources and a senior wealth manager said.
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