Credit Suisse wants to expand its footprint in China, one of the most promising regions for investment banking and wealth management. But the Swiss bank has lost a key banker for the push.
The Zurich-based bank has poured financial resources into technology and staff in the fast-growing Chinese market. Mervyn Chow played a key role in that push: the banker is a nearly 20-year veteran of Credit Suisse and has run its business in China for the past year.
That means he is Credit Suisse's key banker there, responsible for the Swiss bank's onshore banking activities, deepening client contacts, and maintaining good relations with regulators. Now, Chow has left the bank, according to media reports in «Reuters» and «Bloomberg,» which quoted sources.
Internal Replacement
The departure of Chow is a heavy blow for Credit Suisse, which didn't comment on the move. The banker has impeccable client contacts, but he is also a seasoned investment banker, co-running the unit for Credit Suisse in wider Asia-Pacific with Edwin Low for the past two years.
Credit Suisse is set to name greater China investment banking head Zeth Hung to replace Chow, «Bloomberg» reported, citing sources.
