Credit Suisse revamps Asia-Pacific wealth management team
CREDIT Suisse Group promoted executives in its Asia-Pacific wealth management unit and removed a layer of hierarchy in a revamp after recent senior departures in the group.
“We have flattened the organisational structure,” Benjamin Cavalli, the bank’s regional wealth head, said in a memo, while elevating market group heads who will report to him. Cavalli said he made the decision to simplify the structure “so that we can be more agile and respond quickly to global trends”.
Balakrishnan Kunnambath, market group head for non-resident Indians (NRI), is appointed vice-chairman and strategic client lead for South-east Asia and India. Puneet Matta will take the role of market group head for India and NRI, subject to regulatory approval.
A Credit Suisse spokeswoman in Singapore confirmed the contents of the memo.
The appointments came after Young Jin Yee, Cavalli’s deputy, left to join Deutsche Bank. Three private bankers serving the NRI market also earlier this month left for Swiss rival UBS Group.
Dominique Boer, market group head Singapore, will take an expanded role to oversee and manage the Singapore booking centre. She will also become chief executive officer of SymAsia Foundation, another of Young’s former role.
Johanes Oeni, market group head Indonesia, will also oversee the Malaysia market.
Rickie Chan, market group head Hong Kong, will also take on the role of CEO for the Hong Kong branch from Jan 1, 2023.
In mainland China, Martin Loh, the market group head China II, will take on an expanded role to oversee the Shanghai Branch as part of a consolidation of the Greater China Bank Branch and representative offices under one leadership. BLOOMBERG
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