Credit Suisse bolsters its Indonesia private banking unit with the hire of a senior executive from Deutsche Bank, finews.asia has learned.
Malcolm Tay joins Credit Suisse as a deputy market group head and market leader for Indonesia – a newly created role – according to an internal memo seen by finews.asia, effective September 1 this year.
Tay joins from Deutsche Bank Wealth Management where he spent 18 years, last as group head Southeast Asia. He has over 30 years of wealth management experience having previously worked with Merrill Lynch as a client relationship manager and Citi Private Bank as co-head of Indonesia onshore for ten years.
A spokesperson for the bank confirmed the contents of the memo.
South Asia Expansion
Tay’s hire marks the latest move to strengthen Credit Suisse’s South Asia private banking arm.
The bank recently appointed Tammy Tam as team leader for the Thailand and Vietnam market; promoted Dominique Boer as market group head Singapore; and made a flurry of hires for various markets in the region.
«[Tay] is one of the most accomplished Indonesia-focused bankers with a stellar reputation in the industry,» said South Asia head of private banking Benjamin Cavalli in the note. «His appointment underscores our commitment to accelerate our growth plans and further strengthen our leading position in this important market within Private Banking South Asia.»
