Credit Suisse Names New China Chief
Credit Suisse named Janice Hu as its China chief executive as the Swiss bank steps up expansion in the world’s second-largest economy.
Hu has more than 25 years of experience in the financial markets in China and held multiple senior positions in Credit Suisse’s China operations, including vice chairwoman of Credit Suisse China and head of China investment banking, the bank said Friday in a statement. Hu was appointed chairwoman of Credit Suisse‘s China securities business last year.
In her new role as CEO of China, Hu will continue to drive the bank’s onshore business and regulatory activities to further expand its presence, set up a comprehensive platform, and enhance Credit Suisse’s position, the bank said.
Hu succeeded Tang Zhenyi, who took a job outside financial services.
As vice chairwoman of China, Hu played a key role in Credit Suisse’s move to become a majority owner of its China securities joint venture last year. The venture was renamed Credit Suisse Securities (China) Ltd. last week.
Credit Suisse has geared up its China expansion as the country gradually opens up its financial sectors. Over the past year, the bank has recruited more than 60 professionals across all businesses and corporate functions for its mainland operations.
In addition to the securities joint venture, Credit Suisse has an asset management joint venture — ICBC Credit Suisse Asset Management Co. Ltd. — which is among the largest in China with total assets under management of nearly 1.4 trillion yuan as of the end of December 2020.
Contact reporter Han Wei (email@example.com) and editor Bob Simison (firstname.lastname@example.org)
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