KUALA LUMPUR (Oct 21): Credit Suisse Group AG’s Asia Pacific unit targets to double pre-tax income and assets under management in the region by the end of 2018, said newly-appointed Asia Pacific chief executive officer Helman Sitohang.

Currently, he said in a statement that the Swiss investment bank has CHF133 billion (RM597.65 billion) of client assets under management and in the first nine months, had gathered CHF14.7 billion (RM66.06 billion) of net new assets, representing 55% of the bank’s total Private Banking net new assets.

Sitohang added Credit Suisse would also invest more capital and resources into the region, after a record revenue of CHF3 billion (RM13.48 billion), which rose 17%, while pre-tax income rose 48% to CHF1.1 billion (4.94 billion) in the first nine months (for the financial year ending Dec 31, 2015), he said.

Credit Suisse plans to expand further in its core markets, capitalise on its strength in Southeast Asia, build out its China franchise, while maintaining a consistent culture of compliance and controls.

“Asia Pacific now accounts for 15% of total Credit Suisse revenues and 28% of pre-tax income. This is a strong performance, particularly given the current market conditions, and demonstrates the resilience of our business model and our ability to generate profitability through the cycle,” he said.

He added that the bank was focusing on partnering with its high net worth individuals, entrepreneurs and institutional clients.

“Our ambition is to be the `Trusted Entrepreneurs Bank in Asia Pacific', and a key destination for talent. As wealth in Asia Pacific grows and financial markets deepen, we see significant opportunities to help our clients capture this growth,” he said.