Singapore. Asia’s private banking sector will consolidate further as the costs of serving wealthy clients make the business profitable for only the big firms, the head of Asia-Pacific private banking at Credit Suisse Group AG said on Monday. With a cost-to-income ratio of at least 80 percent, most private banks are losing money even as the ranks of the rich explode in fast-growing Asia, Francesco de Ferrari told the Reuters Wealth Management Summit in Singapore. The ratio, a key measure of profitability, shows private banks spend 80 cents on costs including salaries, office space and compliance for every dollar they...