Khan said IWM expected to expand in the Middle East, as millionaires in the region rise to 500,000 from about 330,000, including seeking to secure an onshore banking license for Saudi Arabia. During an interview with Bloomberg television in Dubai, Khan listed the United Arab Emirates, Saudi Arabia and Kuwait as the most promising markets in the Middle East.
"We’re growing our coverage base across international wealth management and a material part of that is going to be in the Middle East," Khan told Bloomberg TV, adding that the bank is deploying capital in the region through initiatives to better service clients and had hired 45 relationship managers across the Middle East last year.
Khan said the bank’s application for a Saudi Arabian banking license was part of its plan to expand in the kingdom.
"The Middle East is going through a trough in the short term but we’re bullish in the long term," he said. Credit Suisse currently manages about CHF 70 billion of private banking assets in the region, with assets growing "double digits" in the first half, Khan added.
"In emerging markets the wealth pool is about CHF4 trillion and that is expected to grow to about CHF7 trillion by about 2020-21," he explained.