Credit Suisse (CSGN.S) has named veteran banker Jing Wang head of its Chinese securities joint venture, as the bank presses ahead with plans to expand in the world’s second-largest economy while preparing a strategy review for its global business.
Wang has been named chief executive officer of Credit Suisse Securities (China) Ltd effective immediately, according to an internal memo reviewed by Reuters on Thursday. A bank spokesperson confirmed the contents of the memo.
Wang recently worked as the bank’s head of China onshore wealth management.
The appointment paves the way for the Swiss bank to expand in the world’s second-largest economy while it undertakes a global review of its business that includes potential asset sales after being shaken by a string of scandals and losses.
“We continue to make the important steps of enabling that securities joint venture to be a fully-fledged financial service provider in China,” Carsten Stoehr, CEO of Greater China told Reuters.
“Will we make adjustments, will we have to reflect on what’s happening in the markets externally but also within the firm? Of course. But the direction of travel is very clear,” he said, when asked about the impact of the bank rejig on China business.
The bank reached an agreement to buy the 49 percent stake owned by its local partner Founder Securities’ in the venture earlier this month and is aiming to launch a wealth business in China next year, targeting a 29 trillion yuan ($4.2 trillion) market.
Janice Hu, CEO of Credit Suisse in China, said the firm was pursuing licensing applications for services including prop trading and research, and widening the scope of its brokerage licence.
The joint venture lost its former CEO Tim Tu in April, who moved to become co-head of the financing group for APAC at Credit Suisse. The head of investment banking and capital markets was named as the interim chief of the business after that move.
Following a suite of executive departures in China earlier, the bank also appointed He Lin as it new chief finance officer and Eric Kang as chief information officer of the securities joint venture.
Both Lin and Kang previously worked at the Swiss bank’s China unit.