Credit Suisse has appointed Tim Tu as the new CEO of its China securities JV, Credit Suisse Founder Securities (CSFS).

Tu replaces Minsheng Wang, who joined the JV in 2009 and has been at the helm since 2014.

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Wang will now serve as the vice chairman of the JV.

Tu has been working at Credit Suisse since 2016. He earlier worked as head of Structuring, Greater China in the bank’s Asia Pacific Financing Group (AFG).

He formerly also had a stint at Standard Chartered Bank.

In the new role, he will focus on aligning CSFS with Credit Suisse’s broader Greater China strategy.

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At the same time, Daniel Qiu has been appointed as the head of Investment Banking & Capital Markets (IBCM) for the JV. Qiu joined Credit Suisse in 2010.

As IBCM head, Qiu will work alongside Credit Suisse’s Greater China and regional IBCM teams to manage growth initiatives for the JV’s underwriting and advisory business in China.

Credit Suisse Asia Pacific CEO Helman Sitohang said: “The appointments underscore our continued long-term commitment to China. Our securities joint venture is a key part of our strategy to build a leading wealth manager with strong investment banking capabilities in this key market.

“We aim to bring our comprehensive offshore capabilities to mainland China, capturing opportunities from the further liberalisation of the domestic financial market. We will continue to invest in China and closely integrate our onshore operations with our businesses across Asia Pacific.”

Last month, Credit Suisse concluded the deal to acquire a majority stake in its CSFS and appointed Janice Hu to chair the JV.

CSFS supports sponsoring and underwriting of A-shares, foreign investment shares and government and corporate bonds. It also provides financial advisory services.