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Credit Suisse appoints Zhenyi Tang as CEO China
Mr. Tang joins Credit Suisse with substantial experience building businesses in China and enhancing connectivity between China and international markets. Based in Beijing, Mr. Tang will drive the execution of Credit Suisse's strategy in China across its business and regulatory activities. He will have oversight of the bank's onshore entities, and report to Helman Sitohang, CEO Asia Pacific of Credit Suisse. Mr. Tang will join Credit Suisse this month and will be a member of the bank's Asia Pacific Operating Committee.
His appointment follows Credit Suisse's announcement in April of its plan to increase its stake in its onshore securities joint venture to 51%, subject to regulatory approvals, and the recent appointment of Shan Li to the Board of Directors of Credit Suisse Group AG. Mr. Li is the second Asia-based member of the Board of Directors, alongside Kai S. Nargolwala.
Mr. Sitohang said: "We welcome Zhenyi to Credit Suisse. He will further develop our integrated franchise in China as the Bank for Entrepreneurs, and build our onshore presence for future growth. Zhenyi's deep experience in China and his success in different organizational cultures is a strong addition to our team."
Tidjane Thiam, Chief Executive Officer of Credit Suisse, added: "Zhenyi joins a long-standing Credit Suisse relationship with China and a key opportunity for the bank. He will further our strategy as a leading global wealth manager with strong investment banking capabilities. We remain committed to enabling the development of wealth and financial markets in China."
In the past eight years, Mr. Tang held various executive roles at CITIC Group in Beijing and Hong Kong SAR (China), most recently as Chairman and Executive Committee member of CLSA Limited in Hong Kong SAR (China), a wholly-owned subsidiary of CITIC Securities. Prior to joining CITIC Group, Mr. Tang spent 17 years at the Ministry of Finance of the People's Republic of China, including a secondment to The World Bank working for the Executive Director for China.
Credit Suisse was the first bank from Switzerland to establish a branch in China with the opening of itsitsdit Suisse' Shanghai Branch in 1994. It has a strong Greater China franchise, with market-leading capabilities in equities, investment banking and capital markets, private banking, and financing. In addition to its securities joint venture in China, Credit Suisse also has an asset management joint venture, ICBC Credit Suisse Asset Management Co. Ltd., which is among the largest in China with total assets under management of nearly RMB 1.3 trillion (CHF 194 billion), as of the end of December 2018.