One of the worlds leading and most respected banks, Credit Suisse launched its securities brokerage operations in the Philippines. The Swiss company will provide sales trading, program trading and execution and will also make research and sales service to clients.
The expansion of Credit Suisse in the country will create hundreds of jobs to Filipinos. The company needs accountants, auditors, brokers, office staffs and more.
Credit Suisse chief executive for Asia Pacific Osama Abbasi said that they are pleased to finally start operations in the Philippines.
“We are very pleased to launch a full Cash Equities operation onshore in the Philippines, underlining our long-term commitment to this important market,” he said.
Abassi added that the Philippines is their key market in Asia Pacific because of the great growth of opportunities.
“This launch further complements the leading equities franchise, Credit Suisse has in Asia Pacific,” he said.
Credit Suisse is the first major international brokerage in the Philippines and has also the largest market share in equities in the Asia-Pacific region. They have the biggest share in Southeast Asia where they held the biggest exchange market share among foreign brokers in 2010 in Singapore, Indonesia, Malaysia and Thailand.
The Bank has research coverage of 15 Asia Pacific equity markets and offers sales trading capabilities in 16.
“By becoming the first major foreign brokerage to set up in the Philippines stock market for a decade, Credit Suisse will be able to substantially strengthen its ability to serve domestic and international clients in terms of sales, trading, execution and research,” said Credit Suisse country manager for the Philippines Simon Paterno.
Last year, Credit Suisse acted as a joint bookrunner for the Republic of the Philippines’ P44.1-billion global bonds issue. As well as being a frequent bookrunner of global bond issues for the Republic of the Philippines, Credit Suisse had also advised the Philippine Government on a series of highly innovative liability management transactions.
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