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June 3, 2019

Credit Suisse hires new China chief

Swiss banking group Credit Suisse has appointed Tang Zhenyi as the new CEO for its China business.

Zhenyi will assume the new role this month, with responsibility for the firm’s business and regulatory activities in China.

He will be based in Beijing.

Zhenyi formerly served at CLSA in Hong Kong, which was snapped up by CITIC Securities in 2013.

He served as the chairman at CLSA and quit the firm in March.

Overall, he had an eight-year stint at the CITIC Group.

Earlier, he served for 17 years at China’s Ministry of Finance.

Lately, Credit Suisse has been looking to ramp up its business in China.

Last month, the bank launched a family office services unit to attract affluent Chinese families.

Tan Mae Shen was appointed as the chief of the new unit.

Moreover, this April, the bank unveiled plans to acquire a controlling stake in its Chinese securities joint venture (JV).

Its JV partner in China is Founder Securities, whose holding in the JV is expected to reduce to 49% with the move while Credit Suisse’s stake increases to 51%.

Through this move, which is pending regulatory approval, Credit Suisse follows in the footsteps of UBS.

JPMorgan and Nomura too announced their securities JVs in China recently.

 

 

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