Credit Suisse has hired four bankers from Julius Baer Group in a bid to bolster its Singapore team that offers wealth management services to Indonesians, Bloomberg reported citing a person familiar with the development.
The newly recruited bankers include Heinz Puth and other Julius Baer relationship managers, all of whom will now report to Credit Suisse’s Indonesian private banking market group head Johanes Oeni, the report said.
At Julius Baer Group, Puth worked as a senior client partner and as the deputy head for private banking in Southeast Asia.
Till 2006, he was associated with Credit Suisse working as the market head for Indonesia.
Puth in his new responsibility will work with another Julius Baer ex-employee David Lim, the current Credit Suisse vice chairman for Southeast Asian business.
Julius Baer and Credit Suisse representatives declined to comment on the development.
Most of the Singapore private banks offer private banking services in Indonesia. According to Capgemini’s last year report, nearly 43% of Indonesian offshore wealth is held in Singapore.
Last month, Credit Suisse reported a 114% increase in its net income attributable to shareholders for the second quarter of 2018. It increased from CHF303m in the same period a year earlier to CHF647m this year.