Credit Suisse Makes New Hires in Push to Capture China’s Rich
(Bloomberg) — Credit Suisse Group AG made new appointments and hires focused on Greater China as a push by global banks intensifies to capture more of the nation’s growing ranks of wealthy.
The Swiss bank hired a number of bankers from rivals to focus on clients in Greater China, according to an internal memo confirmed by a bank spokesperson. It named Keng Cheong Lock, who joined the bank in 2007, as market group head of a private banking business in Singapore that’s focused on Greater China.
“Asia Pacific is a growing region, and the fundamentals underpinning wealth creation remain positive, especially in North Asia and China,” said Francois Monnet, head of private banking North Asia and chief executive of the bank in Hong Kong, in the memo.
The lender is beefing up its ranks of private bankers in Asia, joining a hunt for talent to capture clients in an increasingly affluent region. Global lenders are targeting the wealth business for its steady source of fees to boost revenue after years of interest rates near rock-bottom.
Thomas Ang, head of Family Office Services Asia Pacific, will relocate to Hong Kong in June as part of an effort to attract more ultra high-net worth clients in Greater China, it said.
The moves are part of the 30 new relationship managers the bank earlier said it hired in Asia in the first quarter. It boosted its headcount by more than 100 across Asia-Pacific this year, with almost half of the hires done since mid-March, people familiar with the matter said. That comes as the bank has grappled with the fallout from its ties to collapsed family office Archegos Capital Management and supply chain financier Greensill Capital.
• Terence Seah joined from United Overseas Bank Ltd. as a team leader for the Greater China market in Singapore
• Maggie Ma, formerly at UBS Group AG and ABN Amro, joined as expert relationship manager
• Harry Chen was hired as a relationship manager in Singapore from Julius Baer Group Ltd.
• Thomas So, formerly at BNP Paribas Wealth Management, joined as an investment consultant; and Wilson Chan, as a team leader, Investment Consulting Business Initiatives, North Asia. Both are based in Hong Kong.
Contact editor Bob Simison (email@example.com)
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