Bloomberg

(Bloomberg) -- Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said now is the “best time” for the bank to expand in Asia, because retreats by some competitors make it easier to find top recruits.

Thiam is seeking to cement Credit Suisse’s position as one of the biggest investment banks and wealth managers in Asia at a time when competitors from Barclays Plc to Standard Chartered Plc are cutting jobs there. The Asian operations were untouched by deeper global cost cuts the CEO unveiled last month.

“That’s always the best time to invest because that’s when we can pick up the best resources at the best possible time,” Thiam said Tuesday in an interview with Bloomberg Television on the sidelines of the Credit Suisse Asian Investment Conference in Hong Kong. “Many offers are in the pipeline, we’re getting top quality people. That gives us strong confidence in growth.”

Thiam singled out China and Japan as markets where he’s looking to expand. Swiss rival UBS Group AG is also bulking up its Asian private bank as it seeks to serve China’s growing ranks of millionaires.

To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net. To contact the editors responsible for this story: Marcus Wright at mwright115@bloomberg.net, Philip Lagerkranser, Darren Boey

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