Published by Wealth Briefing Asia – 10th July 2017
The Swiss bank has made of its most senior Asia-based figures the country manager for the Philippines.
Credit Suisse today announced that Michael De Guzman has been appointed country manager for the Philippines. The move comes amid a number of developments that underscore how the country is seen as one of the faster-growing new markets in Asia.
This role sits alongside De Guzman’s existing position as head of Philippines coverage for investment banking and capital markets.
Prior to joining Credit Suisse, De Guzman was the Philippines office head for Australia-listed Macquarie and head of Macquarie Capital Philippines for eight years.
In his new role, De Guzman reports to Francesco de Ferrari in his capacity as CEO Southeast Asia and Frontier Markets, Credit Suisse said in a statement earlier today.
“As Credit Suisse continues to expand our domestic footprint in the Philippines and across Southeast Asia, we are focused on deepening our country leadership onshore,” de Ferrari said.
Additionally, the Zurich-listed banking group has appointed Christian Senn as market group head of Philippines for Asia-Pacific private banking; he is based in Singapore, reporting to Benjamin Cavalli, head of private banking in Southeast Asia. A 30-year veteran of the Credit Suisse private banking business across Switzerland, US, Latin America and Asia, he was previously the market group head in Thailand responsible for the further development and growth of the private banking business in the Thailand market.
This Philippines, while beset by political controversy and continued challenges of large wealth disparities, is seen as one of the more promising emerging market economies in the region, benefiting as it does from youthful demographics.
In late June this publication reported that Manulife, the financial services group, said its one of its business arms has got the green light to provide trust and fiduciary services business in the Philippines. Earlier this year, the World Bank predicted that the Philippines economy will grow by more than 6 per cent for years until 2019, the fastest pace in the country’s history. The economy expanded by 6.8 per cent in 2016, outpacing the likes of China.
“The Philippines is an important part of Credit Suisse’s Southeast Asia franchise, and where the bank has been a leading financial advisor since 1992,” Credit Suisse added.
