Credit Suisse Group AG’s new chief executive officer, Tidjane Thiam, has discussed options for the bank’s asset management business, including making an acquisition, with some of the firm’s main investors, the Financial Times reported Wednesday.
He has signaled to investors that he sees the most potential to expand in asset management as it requires less capital than investment banking, the newspaper reported. It cited people familiar with the talks, without identifying them or any potential acquisition target.
Meanwhile Credit Suisse Group AG reported a second-quarter profit that beat analyst estimates even as revenue from debt trading fell in the months before Chief Executive Officer Tidjane Thiam took over.
Switzerland’s second-biggest bank swung to a profit of 1.05 billion francs ($1.15 billion) after posting a loss of 700 million francs a year earlier, when it was fined in the U.S. for helping Americans evade taxes. That beat the 722-million-franc estimate of seven analysts surveyed by Bloomberg.
The Zurich-based bank said its gains were partly driven by "a very strong performance in the Asia-Pacific region," highlighting the importance of the region moving forward.
Through the first half of the year, 16 percent of overall revenue and 27 percent of pre-tax income came from Asia Pacific.
"We foresee further significant opportunities in the years ahead," the bank said in a statement.
"We are... increasingly recognised as the Entrepreneurs' Bank of Asia Pacific, a status we are determined to reinforce in the years to come."
The private banking unit performed particularly well, taking in 14.2 billion francs in new assets, again with strong contributions from developing markets in Asia, Africa and the Middle East.
Revenues in the investment bank were however offset by higher spending in "risk, regulatory and compliance infrastructure".
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