HSBC bagged a Credit Suisse ultra-rich private banker. The move is a push to offer more investment banking services to those with more than $50 million to bank.
HSBC is hiring Ken Tsang as its head in Asia for global solutions, a group which advises super-wealthy clients on investment banking business, the British bank said in a statement on Friday. Tsang will continue to be based in Hong Kong.
His hire is a coup: Tsang spent ten years at Credit Suisse, where like many ultra-high net worth bankers he paid his dues in investment banking. Most recently at the Swiss bank, he ran a team in private banking which advised ultra-rich clients from China, Hong Kong, and Taiwan on investment banking deals and private investments.
HSBC wants Tsang to harness HSBC's trading and commercial banking arms and put them at the disposal of ultra-wealthy clients, who are increasingly favoring customized wealth products.
Credit Suisse Veteran
Specifically, he will ascertain potential mergers and acquisitions, equity and debt capital raising, loan financing, proprietary public and private investments, and structured lending for clients.
«As part of our commitment to provide clients with the full expertise of the HSBC Group, the global solutions group facilitates innovative solutions for clients who are looking beyond the traditional private banking offerings to grow their businesses and invest their capital», said Jackie Mau, co-head of investment services and product solutions in Asia.
Before entering private banking five years ago, Tsang was a tech, media, and telecoms investment banker at Credit Suisse, which he joined in 2008. He spent three years at now-defunct Lehman Brothers in mergers and acquisitions and corporate finance after graduating from Yale with a degree is math and economics.
