Mar 23, 2023
Credit Suisse Taps Ex-Deutsche Bank’s Kwong for SE Asia Role
(Bloomberg) -- Credit Suisse appointed Kwong Kin Mun, the former Southeast Asia wealth management head at Deutsche Bank AG, as its new vice chairman for the region.
Kwong will be based in Singapore and report to Benjamin Cavalli, the firm’s head of wealth management for Asia Pacific, according to an internal memo. He will start his role on March 27.
The appointment comes at a time when recruiters across the world are getting an unprecedented flood of calls from Credit Suisse bankers seeking new jobs as the embattled Swiss lender is set to be taken over by UBS Group AG. Under a historic deal orchestrated by the Swiss government, UBS agreed to buy its smaller rival for 3 billion francs ($3.3 billion) in an all-share deal that includes extensive government guarantees and liquidity provisions.
When announcing the deal, UBS Chief Executive Officer Ralph Hamers said the combination supports the firm’s wealth management growth ambitions in the Americas and Asia. He added UBS looks forward to welcoming new clients and colleagues across the world.
But UBS was also clear there will be job cuts, with the investment bank it is inheriting likely to be particularly impacted.
Kwong, who has four decades of experience in the industry including at DBS Group Holdings Ltd., left Deutsche in 2020, according to his LinkedIn profile.
He will be working with the Southeast Asia markets’ leadership team and senior bankers to bolster Credit Suisse’s relationship with key clients and stakeholders in the region, the memo said. He will also be involved in building the talent pool for the firm’s next growth phase. The combination of the two Swiss banks will “create enormous potential for clients and private bankers,” Kwong said in a statement.
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