Tang Zhenyi. Photo: VCG
Credit Suisse hired Tang Zhenyi, former chairman of the Hong Kong brokerage CLSA Ltd., as chief executive officer of its China operations, the Swiss investment bank said Monday.
Tang will join Credit Suisse this month to oversee the “execution of Credit Suisse’s strategy in China across its business and regulatory activities,” Credit Suisse said in a statement, citing Tang’s substantial experience in building businesses in China.
Tang left CLSA, a brokerage backed by state-owned Citic Securities, in March. He said in a letter to CLSA employees that he decided to leave because the business integration fell short of expectations after Citic took over CLSA in 2013. Jonathan Slone, CLSA’s longtime chief executive, and Nigel Beattie, chief operating officer, also left the company around the same time.
Tang joined Citic in 2011. Before that, he spent 17 years working at China’s Ministry of Finance.