He will leverage his leadership experience in building teams and businesses to further drive the growth of Credit Suisse’s onshore wealth management business.
Credit Suisse today announced a senior appointment for its wealth management business in India. Private banking veteran Puneet Matta will join Credit Suisse as Head of Wealth Management India on June 1, 2020.
Matta is a seasoned banker with 30 years of industry experience across wealth management as well as corporate and investment banking where he has a strong track record in driving the growth of businesses focusing on the Non-Resident Indian (“NRI”) & Indian Sub-Continent (“ISC”) client segments. He rejoins Credit Suisse from Union Bancaire Privee (“UBP”), where he held several leadership positions in the NRI & ISC segments and also in the External Asset Managers (“EAM”) business. His most recent role at UBP was Head of EAM Asia and Key Clients South Asia.
He will report functionally to Balakrishnan Kunnambath, Market Group Head Indian Sub-Continent, and locally to Mickey Doshi, CEO India. Matta will be relocating from Singapore to Mumbai, India, and will leverage his leadership experience in building teams and businesses to further drive the growth of Credit Suisse’s onshore wealth management business.
Balakrishnan Kunnambath, Market Group Head Indian Sub-Continent, said: “Since launching our wealth management platform in India in 2008, our team and assets have grown from strength to strength through our unique onshore-offshore model. Clients in India are increasingly looking for global investment opportunities and our set-up is well-positioned to capture this booming demand. With Credit Suisse’s vision as the Bank for Entrepreneurs in Asia Pacific, we are looking to systematically increase our collaboration efforts between our domestic investment banking franchise, Asia Pacific Trading Solutions and our wealth management team. We are confident that Puneet is ideally placed to take us to the next level and capitalize on opportunities in India.”
Benjamin Cavalli, Head of Private Banking South Asia, said: “This appointment underscores the importance of our successful domestic franchise in India and our commitment to this market which is a key growth location for Credit Suisse’s wealth management business. We have been continuously enhancing our India onshore platform with a strategic and more scalable architecture. Credit Suisse is committed to strengthening our leading position in India and expanding our domestic products and solutions offering to accelerate growth alongside our clients.”
Mickey Doshi, CEO India, said: “The Indian market has significant opportunities that both our investment banking and wealth management businesses can capture, and we will leverage our global integrated platform to extend our footprint here and serve the holistic needs of our entrepreneur clients. In fact, India’s total wealth has increased four-fold since 2000, as reported in the tenth edition of the Global Wealth Report by the Credit Suisse Research Institute, to reach USD 12.6 trillion in 2019. India is ranked fifth globally in terms of the number of ultra-high net worth individuals, with 4,460 adults having wealth over USD 50 million and 1,790 having more than USD 100 million, according to Credit Suisse estimates.
Having worked with Puneet during his stint with Credit Suisse a few years ago, I am excited to have him back with us to leverage the boundless opportunities in India. I am sure under his leadership and caliber, we will grow the wealth management business further.”