Credit Suisse has big plans for banking with wealthy businessmen in Asia. With an important appointment in the boom market it underlined its intentions once again.
Credit Suisse (CS) named Vikram Malhotra vice chairman for the Asia-Pacific region with a specific mandate to lead a new unit that will cater for wealthy businessmen in the region, the «Wall Street Journal» (article by subscription only) reported, citing an internal memo of the bank.
Malhotra, who was in charge of the investment bank in the region will try to strengthen private banking and investment banking with the rich businessmen of Asia. The appointment shows that wealth management at Switzerland's second-biggest bank receives the input from the investment banking unit.
Credit Suisse replaced Malhotra as head of investment banking in the Asia-Pacific region with Mervyn Chow and Edwin Low.
