Switzerland's Credit Suisse has announced that it is to expand its backroom operations in Singapore, adding 900 new staff to its support centre based in the city.
The new staff will provide support for Credit Suisse's asset management and investment banking business, a move that the bank hopes will consolidate its position as one of the world's leading money managers.
Credit Suisse currently has over 2,000 employees based in Singapore – a city that has become a popular outsourcing centre for international financial institutions eager to avoid to high rental costs of Tokyo or Hong Kong.
Speaking at a media briefing in Singapore, Paul Calello, Credit Suisse's Asia CEO, said the city was the best location for expansion.
"Singapore is a vital centre for the entire region, both in terms of our regional business strategy and our regional support operations," he said, adding that the growth in the financial markets in east Asia was not limited to China alone.
The move follows Merril Lynch's decision last month to set up its own global support centre in Singapore.
According to the Financial Times, the new jobs are likely to replace other jobs in Credit Suisse's global business operations.