Credit Suisse continues its expansion in mainland China with the latest new appointment to the senior management of its securities joint venture.
Credit Suisse Founder Securities (CSFS) named Tim Tu as its chief executive, according to a statement, succeeding Minsheng Wang who was appointed as vice-chairman of the firm.
Tu has been with Credit Suisse since 2016 after joining with Standard Chartered. Prior to his latest appointment, Tu was the Greater China head of structuring within Credit Suisse’s Asia Pacific financing group (AFG) where he was responsible for origination and structuring.
Wang is a 25-year financial veteran and he joined CSFS in 2009 before being made its CEO in 2014.
Investment Banking Capabilities
In addition, CSFS also appointed Daniel Qiu as its head of investment banking and capital markets to drive its underwriting and advisory business in China. Qiu has over 20 years of investment banking experience and joined Credit Suisse in 2010.
According to Credit Suisse's Asia Pacific chief executive Helman Sitohang, the development of CSFS is key to the bank’s strategy in the market to become «a leading wealth manager with strong investment banking capabilities».
«We aim to bring our comprehensive offshore capabilities to mainland China, capturing opportunities from the further liberalization of the domestic financial market,» Sitohang said. «We will continue to invest in China and closely integrate our onshore operations with our businesses across Asia Pacific.»
China Focus
Sitohang recently announced the bank’s ambitions to obtain full ownership of its domestic securities business in mainland China after it took majority ownership earlier this year.
Last month, the bank named Janice Hu chairwoman of CSFS and under new plans, the firm is reportedly axing half of the workers in its investment banking division with some of the vacancies likely being filled by Hong Kong employees.
«The leadership appointments in our joint venture will enable a strong alignment of our client proposition across the bank’s Greater China franchise whilst positioning us well for future growth,» added Carsten Stoehr, CEO of Greater China at Credit Suisse.
