Credit Suisse named a former central banker, regulator and UBS executive as its new chief operating officer for China, according to a memo seen by finews.asia.
Alan Wang joins the Swiss lender as its mainland COO, according to the internal note which underlined his role to «ensure delivery of Credit Suisse’s strategic plans in China in a compliant and well-controlled manner».
Wang was most recently with UBS where he joined earlier in 2020 as its China integration lead. The 20-year veteran has vast regulatory experience across the People’s bank of China, the China Banking Regulatory Commission and the China Banking and Insurance Regulatory Commission where he was last its Shanghai Bureau Deputy Director of foreign bank branches supervision.
A spokesperson for the bank confirmed the appointment.
China Expansion
Despite ongoing U.S.-China tensions – including the latest expanded Hong Kong sanction list that included 14 more mainland officials – Credit Suisse continues full steam ahead with its expansion in the mainland market.
It won approval in April year to take a majority stake in its onshore securities joint venture and also hired private banking heavyweight Wang Jing in June to lead the wealth management unit.
In August, Asia Pacific chief executive Helman Sitohang named China as its «strongest focus when it comes to headcount and infrastructure growth compared to any country in the world» with plans to double its workforce in the market over the next five years.
