Credit Suisse chief executive Tidjane Thiam says bank is on course to double profits in Asia in three years

 
James Nickerson
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Thiam said he sees opportunity across the board in Asia (Source: Getty)

Credit Suisse is on track to double profits in Asia in three years, its chief executive Tidjane Thiam has said.

Thiam added that Credit Suisse would continue to invest in Asia.

"We're on course. We said that we would continue to invest in Asia. We think this is a great time to invest because a lot of company investment is retrenching and that's the best time to invest because that's when we can pick up the best resources at the best price."

Read more: Credit Suisse has cut bonuses by 36 per cent

The chief executive pointed to the recruitment of top quality people. "We believe in Asia," Thiam added in an interview with Bloomberg.

The comments come just months after Thiam named Asia a priority for Credit Suisse. Back in October last year the Swiss bank pledged to reallocate resources to Asia, when rival banks were scaling back operations on the continent.

Talking about Japan, he said that Credit Suisse has experience of negative interest rates, having dealt with the situation in Switzerland. That means, Thiam said, the bank can help long term investors, pension funds and asset managers through the dynamics.

Read more: Thiam to waive part of his bonus

Thiam also reaffirmed that he sees opportunities in a host of other countries including India, Vietnam and Indonesia. "We see opportunity everywhere, across the board, and we're investing across the board," he said.

In a bullish mood, Thiam also said the bank has a long term commitment to China. He told journalists that Credit Suisse has been "underweight" in China, stating he is not concerned of slower economic growth in China.

In March the Swiss lender announced it would be accelerating its restructuring and cost-saving programme, stating that the bank would be "exiting activities that are not consistent with our new strategy".

But in February Thiam waived part of his bonus after the bank reported its first set of annual losses since 2008.

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