Credit Suisse secures nod to launch wealth management business in Philippines

A pedestrian and a tram pass the front of Credit Suisse Group AG's headquarters in Zurich, Switzerland, on Thursday, Oct. 23, 2014. Credit Suisse, Switzerland's second-biggest bank, said it had a "mixed" start to this quarter after a rebound in trading helped lift earnings in the three months through September. Photographer: Gianluca Colla/Bloomberg

Credit Suisse Group AG said on Thursday it has received regulatory approval to launch its wealth management business in the Philippines, allowing the Swiss bank to tap the growing onshore wealth in the Southeast Asian country.

Credit Suisse has received a license from the Securities and Exchange Commission and approval from the central bank, Bangko Sentral ng Pilipinas, to set up a representative office for its wealth management business, it said in a statement.

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