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    Vikshita Vitthal Gujaran in News

    21-Mar-2023 05:53 PM


    Credit Suisse crisis sends shivers amongst wealthy Indians

    Credit Suisse The Credit Suisse Group AG crisis is likely to make a dent on the way well-off Indians view international wealth managers, a firm backed by Liechtenstein’s royal family said Tuesday.
    “This particular event once again reminds and recalls the past uncertainty in terms of their business strategies,” Cheruvu told Bloomberg Television. “
    Investors primarily want stability of business operations of their wealth managers and wealth advisors.”
    This year, Citigroup Inc. exited its retail operations in India through a sale to Axis Bank, transferring all its wealth management business to the country’s third-largest private sector lender.
    In addition, in the past decade, Credit Suisse’s new buyer — UBS AG, Morgan Stanley and Macquarie Group Ltd. have exited the country’s private-wealth business, after finding it difficult to make money from the value-conscious millionaires who were not used to pay for their advice.
    Julius Baer Says Aggressively Ramping Up India Wealth Business “Structurally India is offering a great growth opportunity for the next three, five, seven years.