June 3, 2019 / 2:48 AM / 2 months ago

MOVES-Credit Suisse hires former CLSA chair Tang Zhenyi as China CEO

HONG KONG, June 3 (Reuters) - Credit Suisse said on Monday it has hired former CLSA Chairman Tang Zhenyi as the chief executive officer of its China operations.

Tang will join Credit Suisse this month to oversee its mainland China businesses, the bank said in a statement.

In March, Tang left CLSA, the Asia-focused brokerage which was purchased by Chinese state backed CITIC Securities in 2013.

His departure was followed by that of other senior executives at CLSA, including CEO Jonathan Slone.

Credit Suisse plans to increase its stake in its onshore China securities joint venture to 51%, subject to regulatory approvals, the bank said in April.

Prior to his eight years at CITIC and CLSA, Tang spent 17 years working at China’s Ministry of Finance.

Reporting by Alun John; Editing by Rashmi Aich

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