The FINANCIAL -- Credit Suisse is pleased to announce the appointment of Mervyn Chow as CEO for Greater China and Carsten Stoehr as Chairman of Credit Suisse Hong Kong Limited and Credit Suisse Hong Kong Securities Limited.
Mr. Chow's new appointment is in addition to his existing roles as Co-Head of Investment Banking and Capital Markets, Asia Pacific, and CEO for China. In this expanded role, he will lead Credit Suisse's overall strategy in Greater China across the bank's Private Banking and Investment Banking platform, to deliver the full strength and product innovation of the bank to our entrepreneur, corporate and institutional clients in this important market. He will also steer the development of our onshore franchise to deepen and broaden client relationships and will be responsible for maintaining all of Credit Suisse's regulatory relationships across Greater China, according to Credit Suisse.
Mr. Stoehr's appointment puts him in charge of Credit Suisse's two key Licensed Corporations that undertake the main business activities of Credit Suisse in Hong Kong. Mr. Stoehr takes on his new responsibilities in addition to his existing role as Head of the Asia Pacific Financing Group. In this expanded capacity, he will oversee our business strategy and people strategy, as well as the regulatory relationships related to these Licensed Corporations. Hong Kong is a key hub for Credit Suisse in Asia Pacific and the Licensed Corporations are among the bank's most important legal entities.
Mr. Chow and Mr. Stoehr assume their new roles following the retirement of Neil Harvey, CEO of Hong Kong and Chairman of Greater China, after a highly successful 17 years at Credit Suisse, and a total of 32 years in the financial services industry. Mr. Harvey will remain with the bank until the end of the year to ensure a smooth transition.
Commenting on the appointments, Helman Sitohang, Credit Suisse's Asia Pacific CEO, said: "Mervyn and Carsten are among our strongest leaders. They both lead successful and profitable businesses and have a client-focused, results-oriented approach, as well as a strong risk and control mind-set. They both are highly experienced in driving collaboration across our integrated platform. I am confident that with their credentials, coupled with their existing product responsibilities in IBCM and Financing, we will significantly accelerate our momentum in Greater China and further capitalize on the tremendous opportunities in this strategically important market."
Mr. Chow has spent almost two decades of his investment banking career with Credit Suisse, holding various senior positions, including overseeing the Equity Capital Markets, Debt Capital Markets, Convertibles and Equity Derivatives functions in the region. He has been responsible for key client coverage and has led many of the landmark capital markets transactions in the region.
Mr. Stoehr is one of our most accomplished professionals. Since re-joining Credit Suisse in 2016, he has successfully built the Asia Pacific Financing Group into a leading and profitable franchise that provides an integrated structuring, risk management and syndicated platform for strategic financing to our ultra-high-net-worth entrepreneur and corporate clients. He is a long term veteran of Credit Suisse, having first joined the bank in 1994.
As a leading global financial services company in Asia Pacific, Credit Suisse has a long-term commitment to Greater China, which today represents one of the bank's most important growth markets globally. Credit Suisse has maintained banking ties with China for over 60 years, and has had a presence in the country for more than 30 years.
In November 2016, Credit Suisse achieved a key milestone in expanding its onshore platform through the launch of its China A-share brokerage business via its joint venture, Credit Suisse Founder Securities. It is now among the first global banks to operate an onshore brokerage business in China. Credit Suisse also operates a successful asset management joint venture with Industrial & Commercial Bank of China – ICBC Credit Suisse Asset Management – which has assets under management exceeding RMB 1 trillion, and is currently the second largest asset manager in China.
So far this year, Credit Suisse has received a number of top industry accolades, demonstrating the strength of the bank's franchise in Greater China and its leading position as the Entrepreneurs' Bank of Asia Pacific. These awards include:
Euromoney 2017 Awards for Excellence – Asia's Best Bank for Wealth Management; Asia's Best Bank for Financing;
FinanceAsia 2017 Country Awards for Achievement – Best Foreign Investment Bank in Taiwan;
Asian Private Banker Awards for Distinction 2016 – Best Private Bank in Asia for the third time;
Private Banker International Greater China Wealth Awards 2017 – Best Family Office Proposition in Greater China; Most Effective Wealth Management Platform in Greater China for the second time; In addition, Credit Suisse also received three Highly Commended accolades for the "Best Foreign Private Bank" in China, Taiwan and Hong Kong;
#1 in Institutional Investor's2017 All-Asia Sales Team and All-Asia Trading Team surveys;
Asia Risk Awards 2017 – Quant House of the Year for Asia ex-Japan
Hong Kong Commercial Daily – Best International Broker for Greater China 2016