People Moves

Credit Suisse Shakes Up Asia Senior Management

Editorial Staff 11 November 2022

Credit Suisse Shakes Up Asia Senior Management

The bank is pivoting more towards wealth management as part of a wider restructuring of its business lines as it attempts to restore profitability, boost margins and shed high-risk and capital-hungry operations.

Credit Suisse in Asia, which is flattening its organisational structure, has made a number of senior management changes. The Swiss bank is overhauling operations worldwide in a bid to restore profitability after a run of losses. 

Benjamin Cavalli (pictured) will remain as chief executive for Hong Kong in addition to his role as Asia-Pacific wealth management head and APAC sustainability leader, according to a memo seen by this news service. 

A number of appointments of market heads have been made who report to Cavalli: 

Balakrishnan Kunnambath, market group head NRI, who has been appointed vice chairman and strategic client lead for Southeast Asia and India, will focus on strategic clients' coverage for SEA and India.

Puneet Matta has been named market group head of wealth management India and NRI, subject to regulatory approval. In addition to the India onshore teams, the team leader and senior client partner for the NRI market, based in Singapore, will also report directly to Matta to ensure connectivity and collaboration between the offshore and onshore business.

Dominique Boer, market group head for Singapore, will take on an expanded role to oversee and manage the Singapore booking centre which covers the account management team, customer care centre and small client unit. Boer is also going to be appointed CEO of SymAsia Foundation.

Marcus Slöör, market group head for the Philippines, Thailand and Vietnam, will take on the additional responsibility of managing key strategic initiatives for WM APAC.

Johanes Oeni, market group head for Indonesia, will take on an expanded role to oversee and manage the Malaysia market. Joyce Low, market leader for Malaysia, will report to Oeni.

In addition to his role of market group head of Hong Kong, Rickie Chan will become CEO of the Credit Suisse Hong Kong branch, with effect from 1 January 2023, subject to regulatory approval. Chan will also oversee and manage the APAC Switzerland teams (direct and shared relationships). Christian Frie, market leader APAC Switzerland, will report to Chan.

Martin Loh, market group head for China II, will take on an expanded role to oversee and manage the Shanghai branch as it consolidates oversight of the Greater China bank branch and rep offices under one leadership. Rick Meng, Shanghai branch manager, will report to Loh.

In addition to his role as co-head of advisory and sales, Claude Harbonn will lead a new function called “Core Clients.”

Jacky Ang will be appointed head of WM Singapore location and the senior manager for wealth management under the MAS Individual Accountability and Conduct regime. He will be responsible for the oversight of the Singapore WM business and its regulated activities, in addition to his roles as branch manager of Credit Suisse Singapore branch, senior corporate officer of Credit Suisse (Singapore) Limited and COO for Southeast Asia and Singapore.

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