Sarasin hires Asia private banking veteran
The Singapore-based subsidiary of Swiss bank Sarasin has hired a new head of Southeast Asia from Credit Suisse, as private banks and wealth managers turn East to tap the burgeoning wealthy classes.
Reto Marx has been named as head of Southeast Asia at Bank Sarasin-Rabo, reporting directly to Enid Yip, chief executive, Asia.
Marx brings more than 15 years experience to his role.
He joins Sarasin from Credit Suisse Private Banking Singapore, where he was most recently the market head responsible for the Asia international wealth management team.
Marx was responsible for the on-shore initiative in Australia, setting up offices in Sydney and Melbourne, as well as managing the offshore business. Through these multiple roles, he managed a team of more than 80 staff based in Singapore, Zurich and Australia.
Enid Yip said: “We look forward to working closely with Reto as we drive the business forward in Southeast Asia.”
Last month Credit Suisse' vice chairman Jose Isidro Camacho said the bank was planning an aggressive push into Asia this year.
"Asia Pacific is still a growth market for Credit Suisse within private banking," Camacho said in an interview at the World Economic Forum on East Asia. "We're looking at setting up more onshore operations as we've done in Australia, Indonesia, and China and we've started doing in India."
Camacho didn't specify which countries Credit Suisse plans to enter, but it already has major operations in Singapore and Hong Kong, and has recently established a presence in India.
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