Credit Suisse has appointed Michael Marr to lead its private banking business in Australia. The appointment will be effective from 1 August 2018.

Marr, who is currently the Market Leader in Credit Suisse Private Banking Australia supervising the Sydney and Melbourne relationship management teams, will take over the new responsibility from Alex Wade, who led the business since January 2016.

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Under the new role, Marr will be based in Sydney and will directly report to Alex Wade, head of Developed and Emerging Asia for Private Banking, and John Knox, CEO for Australia business.

Commenting on the new appointment, Wade said: “Michael has played an instrumental role in building and driving our business over the years at Credit Suisse, and is well-positioned in assuming this critical role to further grow our Australian Private Banking franchise.

“Australia is a key priority market in Credit Suisse’s strategy of expanding the regional onshore Private Banking footprint in the world’s largest wealth markets.”

With around 14 years of experience in the Australian private banking segment, Marr has been associated with Macquarie Group, Royal Bank of Canada and Hambros Bank in his earlier engagements.

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On his appointment, Marr stated: “I am very much looking forward to building on the remarkable success that Credit Suisse Private Banking has had over the past 10 years in Australia.

“The consistent focus on quality Investment solutions coupled with the delivery of market leading digital technology to our clients will remain the number one priority of the business.”