Credit Suisse Group is investing 700 million Swiss francs (US$703 million) in the Asia-Pacific region, which has outperformed other markets in terms of revenue in the three quarters ended September, the Hong Kong Economic Journal reported on Thursday.
The investment banking group is aiming to double the size of assets under management from the current 133 billion Swiss francs and raise its pre-tax profit to 2.1 billion Swiss francs by 2018.
The number of its client service managers is expected to increase by 300 people to 800.
The new investment target is part of the group’s global budget of 1.5 billion Swiss francs for investment in businesses showing robust growth.
Chief executive Tidjane Thiam said the group is planning to replicate the success of the Asia-Pacific division in other emerging markets.
Revenue in the Asia Pacific rose 17 percent to 3.1 billion Swiss francs in the first nine months to September, accounting for 15 percent of the group’s total.
Pre-tax profit in the region soared 48 percent to 1.1 billion Swiss francs, contributing 28 percent of the total.
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