Credit Suisse has announced a new Head of Philippines Coverage in its Asia Pacific Investment Banking & Capital Markets unit.
Taking up the new role is Michael De Guzman, who will be responsible for driving the growth of Credit Suisse's (CS) Investment Banking & Capital Markets (IBCM) business in the Philippines.
This will include broadening relationships with entrepreneurs and corporate clients in the market as well as delivering the full range of CS's integrated bank offering.
De Guzman joins Credit Suisse from Macquarie Group, where he spent 17 years in various roles based around Asia Pacific. For the past eight years he held the role of Head of Macquarie Capital Philippines advising and raising capital for various top Philippine conglomerates.
Notable Transaction Record
In his new position De Guzman will report into Singapore based Pankaj Goel and Rizal Gozali, Credit Suisse’s co-heads of IBCM, Southeast Asia.
While at Macquarie he advised on a number of notable transactions in the Philippines including SM Prime’s $8 billion real estate restructuring and Emperador’s $700 million acquisition of Whyte & Mckay.
Asian Slowdown – Job Cuts
Equities trading revenue at Credit Suisse (CS) tumbled 16 percent in Asia-Pacific in the first quarter, led by a slump in derivatives sales. Speaking last month CEO Tidjane Thiam singled out the markets business as unprofitable and suffering from significantly reduced client activity.
The Zurich based firm is expected to begin culling trading, sales, prime brokerage and research positions in the region before the summer.
