Sydney, March 23 (Reuters) – Credit score Suisse (CSGN.S) mentioned on Thursday it has employed non-public banker Kwong Kin Mun as its new vice chairman for Southeast Asia wealth administration.
The embattled financial institution is being purchased by rival UBS Group (UBSG.S) for 3 billion Swiss francs ($3.27 billion) in a deal engineered by Swiss authorities to keep away from extra market-shaking turmoil in international banking.
Swiss regulators mentioned it was vital authorities took motion as there was a threat Credit score Suisse might have develop into “illiquid, even when it remained solvent” after a tumultuous interval through which the share worth tanked and deposits fell sharply.
In a press release from the funding financial institution, Kwong mentioned “the sparks from the merger of two international leaders in wealth administration will create monumental potential for shoppers and personal bankers.”
The UBS takeover is more likely to lead to main job cuts at Credit score Suisse and the Swiss Financial institution Staff Affiliation mentioned on Monday workers reductions needs to be stored to a minimal.
Singapore-based Kwong spent 11 years at Deutsche Financial institution (DBKGn.DE) and 6 years at DBS Group Holdings (DBSM.SI) beforehand, in accordance with his LinkedIn profile.
($1 = 0.9169 Swiss francs)
Reporting by Scott Murdoch in Sydney; Enhancing by Jacqueline Wong
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