Private banking veteran Puneet Matta has joined Credit Suisse from Union Bancaire Privee (UBP).
To the role of head of wealth management India, he brings 30 years’ industry experience across wealth management, as well as corporate and investment banking.
At UBP he held several leadership roles in the non-resident Indian (NRI) and Indian sub-continent (ISC) client segments, also working with external asset managers.
Currently residing in Singapore, Matta will relocate to Mumbai to take up his new role.
Global investment opportunities
Matta will report to Balakrishnan Kunnambath, market group head Indian sub-continent, and Mickey Doshi, chief executive India.
Commenting on Matta’s appointment, Kunnambath 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 capitalise on opportunities in India.”
Doshi added: “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.
“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 $12.6trn (£10.3trn, €11.5trn) 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 $50m and 1,790 having more than $100m, according to Credit Suisse estimates.”