Credit Suisse appoints CEO of Chinese joint venture amid global restructuring

HONG KONG, Sept 29 (Reuters) – Credit Suisse (CSGN.S) has appointed veteran banker Jing Wang to lead its China securities joint venture as the bank pushes ahead with plans to expand into the world’s second-largest economy while preparing a revised strategy for its global business.

Wang was appointed managing director of Credit Suisse Securities (China) Ltd with immediate effect, according to an internal memo reviewed by Reuters on Thursday. A bank spokesperson confirmed the contents of the note.

Wang most recently worked as the bank’s onshore wealth management manager in China.

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The appointment paves the way for the Swiss bank’s expansion into the world’s second-largest economy as it undertakes a comprehensive review of its business that includes potential asset sales after being rocked by a series of scandals and losses.

“We continue to take important steps to enable this securities joint venture to be a full-fledged financial services provider in China,” Carsten Stoehr, CEO of Greater China, told Reuters.

“Will we make adjustments, will we have to think about what is happening in the markets outside but also within the company? Chinese business.

The bank reached an agreement to buy local partner Founder Securities’ 49% stake in the business earlier this month and aims to launch a wealth management business in China next year, targeting a market of 29 trillion yuan ($4.2 trillion).

Janice Hu, CEO of Credit Suisse in China, said the company was pursuing license applications for services such as accessory trading and research, and expanding the scope of its brokerage license.

The joint venture lost former CEO Tim Tu in April, who became co-head of the finance group for APAC at Credit Suisse. The head of investment banking and capital markets was named acting head of the firm after the move.

After a series of executive departures in China earlier, the bank also appointed He Lin as its new chief financial officer and Eric Kang as chief information officer of the securities joint venture.

Lin and Kang previously worked in the Chinese unit of the Swiss bank.

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Reporting by Selena Li Editing by Sumeet Chatterjee, Muralikumar Anantharaman and Mark Potter

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