According to a company memo reviewed by Reuters, Credit Suisse has received regulatory approval from China to launch a full-fledged wealth management business in the world’s second-largest economy.

The expansion comes after the lender experienced larger-than-expected global wealth outflows in the fourth quarter, totaling 92.7 billion Swiss francs ($98.29 billion).

According to the memo, which was confirmed by a company spokesperson, the Swiss bank is pushing to launch its wealth business in China by the first half of this year, with a target market of 27 trillion yuan.

According to the memo, Credit Suisse Securities (China), the company’s China joint venture, recently obtained an investment consultancy license, allowing it to create and distribute equity research products onshore as well as engage in investment advisory services.

In addition, the firm received approvals for proprietary trading and an expansion of its brokerage license, allowing it to serve clients nationwide after previously being limited to the southern city of Shenzhen.

“We are pleased to have received these licenses as it marks a key milestone in offering wealth management services onshore in China, which is the fastest growing wealth market in the world,” Edwin Low, APAC CEO of Credit Suisse told Reuters in an email statement.

Credit Suisse “plans to double the number of relationship managers in China by 2023,” said Benjamin Cavalli, the company’s Asia Pacific head of wealth management, without specifying how many relationship managers it currently employs.

The increase in wealth headcounts contrasts sharply with a layoff that began in November following a global overhaul that began in October and resulted in spinoffs and job cuts.

According to Reuters, the move affected roughly one-third of its China-based investment banking team and nearly half of its Hong Kong and China-based research department.

Credit Suisse’s wealth division’s total assets fell to 540.5 billion Swiss francs at the end of last year, down from 742.6 billion francs the previous year.

To attract new funds from wealthy Asian clients, the bank has offered higher deposit rates than its competitors.

(Adapted from Reuters.com)