ZURICH, July 16 (Reuters) - Credit Suisse on Thursday appointed Hong Kong-based senior banker Tim Tu as chief executive of its joint venture with China’s Founder Securities , confirming a Reuters report, while also naming a new investment banking head for the tie-up.
Reuters on Wednesday report Tu, a managing director in the bank’s Asia Pacific financing group, was expected to take over from Wang Minsheng as CEO of Credit Suisse Founder Securities Ltd, with Wang to become vice-chairman of the joint venture.
Credit Suisse on Thursday confirmed both appointments and named Daniel Qiu, a veteran investment banker who joined Credit Suisse in 2010, to the newly created role of head of investment banking & capital markets for the joint venture.
In the role, Qiu would be responsible for driving growth initiatives for the joint venture’s underwriting and advisory business in China, while working with the Swiss bank’s own investment banking team in the region to create an investment banking platform for both onshore and international clients, Credit Suisse said.
Tu in his role would focus on aligning the joint venture with the bank’s broader strategy for Greater China and strengthening its capabilities, it said.
“Our securities joint venture is a key part of our strategy to build a leading wealth manager with strong investment banking capabilities in this key market,” the bank’s Asia-Pacific head, Helman Sitohang, said in a statement. “We aim to bring our comprehensive offshore capabilities to mainland China, capturing opportunities from the further liberalization of the domestic financial market.” (Reporting by Brenna Hughes Neghaiwi; Editing by Nick Macfie)
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