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Credit Suisse offers higher deposit rates in Asia to woo the wealthy - sources

Credit: REUTERS/DENIS BALIBOUSE

By Selena Li

HONG KONG, March 2 (Reuters) - Credit Suisse CSGN.S is offering higher deposit rates than its rivals to attract new funds from wealthy clients in Asia, people with knowledge of the matter said, as the embattled private bank seeks to stem outflows and stop its bankers leaving.

The Swiss bank is offering a 6.5% annual rate on new three-month deposits of $5 million or above, said three sources with knowledge of the matter, who declined to be named as they were not authorised to speak to the media.

The bank is offering a rate as high as 7% for one-year deposits, the sources said.

"The banking sector has been responding to global rate hikes with higher rates and Credit Suisse is fully focused on providing our clients with differentiated advice and competitive solutions," a Credit Suisse spokesperson said.

The offers are roughly 100 to 200 basis points higher than those of major rivals in the region such as JP Morgan JPM.N, UBS UBSG.S and Citi Group C.N, two of the sources and a senior wealth manager said.

JP Morgan, UBS and Citi did not immediately respond to requests for comment.

(Reporting by Selena Li; Editing by Sumeet Chatterjee, Kirsten Donovan)

((Selena.Li@thomsonreuters.com; +852 39525868;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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