Credit Suisse appoints new China CEO

Monday, 03. June 2019 07:24

Credit Suisse has appointed former CLSA Ltd. chairman Tang Zhenyi the new CEO of its China operations, media reported on Monday.

Tang will join the bank this month to oversee its mainland China operations, according to media. He left CSLA, an Asia-focused brokerage firm that was acquired by Chinese state-backed CITIC Securities, in March. He also previously worked for China's Ministry of Finance for 17 years.

The news comes after the Swiss bank announced in April that it it reached an agreement with Founder Securities Co. Ltd. to increase its stake in their joint venture (CSFS) in China. As a result, Credit Suisse's shareholding will increase from 33.3% to 51%.

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Breaking the News / DZ