MANILA, Philippines - Zurich-based global financial services group Credit Suisse Ltd. commenced yesterday its securities brokerage operations in the Philippines, making it the first major foreign brokerage to set up shop in the country in 10 years.
Osama Abbasi, Credit Suisse CEO for Asia Pacific, said: “We are very pleased to launch a full cash equities operation onshore in the Philippines, underlining our long-term commitment to this important market. The Philippines is a key market for Credit Suisse in Southeast Asia, and we see tremendous growth opportunities. This launch further complements the leading equities franchise, Credit Suisse has in Asia Pacific.”
Credit Suisse has a dominant market share in equities in Asia Pacific, particularly in Southeast Asia where it held a number one exchange market share among foreign brokers in 2010 in Singapore, Indonesia, Malaysia and Thailand. The bank has research coverage of 15 Asia Pacific equity markets and offers sales trading capabilities in 16.
“By becoming the first major foreign brokerage to set up in the Philippine stock market for a decade, Credit Suisse will be able to substantially strengthen its ability to serve domestic and international clients in terms of sales, trading, execution and research,” said Simon Paterno, Credit Suissecountry manager for the Philippines.
Credit Suisse is a leading global equities and emerging markets house. In the Philippines, Credit Suisse has been a leading financial advisor since1992, managing numerous landmark equity, debt and mergers and acquisitions transactions since then. Credit Suisse has advised on M&A transactions involving Philippines entities worth more than $14 billion since 1995 and arranged debt and equity capital markets transactions worth nearly $15 billion since 2002, according to Dealogic.
It also has won many awards from leading financial publications such as Euromoney, FinanceAsia and The Asset for its Philippine investment banking franchise and the transactions it has led.
Last year, Credit Suisse acted as a joint bookrunner for the Philippines’ P44.1-billion global bonds issue. As well as being a frequent bookrunner of global bond issues for the Philippines, Credit Suisse had also advised the Philippine government on a series of highly innovative liability management transactions. These include $2.4-billion and $1.2-billion domestic bond exchanges in 2006, a $2.03-billion domestic bond exchange in 2007 and $2 billion and $2.25-billion debt exchange warrants transactions in 2008, which allowed for the exchange of foreign currency denominated debt into domestic debt in the event of default.
Credit Suisse is also a leading provider of liquidity in Philippine government and corporate bonds.