Credit Suisse gets go-signal for Philippine wealth management business

It has received a license from the country’s regulator and central bank.

Reuters reports that Credit Suisse has received the green light from various regulatory authorities to launch its wealth management business in the Philippines in a move that allows the Swiss bank to tap the country’s onshore wealth.

The bank received a license from the Securities and Exchange Commission and approval from the central bank, Bangko Sentral ng Pilipinas, according to a company statement.

In the Philippines, Credit Suisse’s existing services include advisory on capital raising, liability management, M&A, and structured finance. In 2011, it set up an onshore brokerage in the country covering equity research, sales, and trading.

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