After recent departures Switzerland's second-largest bank moved to fill senior positions in its Hong Kong and China wealth management business.
On Monday finews.asia reported a senior defection from Credit Suisse to rival UBS for the China market. Zurich-based Credit Suisse has also been recruiting and hired three senior bankers for China and Hong Kong, according to a report from industry publication «Asian Private Banker» (behind paywall).
Mary Cheung joined the Swiss bank as managing director and expert relationship manager. Cheung will be based in Hong Kong to cover the Hong Kong market. She joins from BNP Paribas where she was managing director. Sarah Hua will also be based in Hong Kong, she will be responsible for covering the China market. Hua joins Credit Suisse from Citi private bank.
In Shanghai Maggie Zhang joins the bank as a senior relationship manager. Zhang joins from Standard Chartered. She previously spent three years (2008-2011) with Credit Suisse investment bank in Hong Kong.
Hiring Probe
Last month Credit Suisse agreed to pay U.S. justice officials $47 million to avoid prosecution for its hiring practices in Asia from 2007 until 2013.
The bank said it had already provisioned for the settlement in previous quarters, and the fine will not affect second-quarter results, which are due July 31. Credit Suisse also said it has improved its compliance and controls since 2013.
