The CSFS board of directors has appointed Tim Tu as CEO of the joint venture, while current CEO Minsheng Wang has been appointed as Vice Chairman of CSFS. In addition, Daniel Qiu will take on the role as Head of Investment Banking & Capital Markets (IBCM) for the joint venture. These appointments will be effective in due course.

Commenting on the appointments, Helman Sitohang, Asia Pacific CEO of Credit Suisse, said: "The appointments underscore our continued long-term commitment to China. Our securities joint venture is a key part of our strategy to build a leading wealth manager with strong investment banking capabilities in this key market. We aim to bring our comprehensive offshore capabilities to mainland China, capturing opportunities from the further liberalization of the domestic financial market. We will continue to invest in China and closely integrate our onshore operations with our businesses across Asia Pacific."

Carsten Stoehr, CEO of Greater China at Credit Suisse, commented: "The leadership appointments in our joint venture will enable a strong alignment of our client proposition across the bank's Greater China franchise whilst positioning us well for future growth."

As CEO of CSFS, Tim will be responsible for managing the operations of the business as well as overseeing its strategic direction. He will focus on aligning CSFS with Credit Suisse's broader Greater China strategy and strengthening its overall capabilities.

Tim joined Credit Suisse in 2016 from Standard Chartered Bank, bringing broad experience in the financial services industry. As Head of Structuring, Greater China in the bank's Asia Pacific Financing Group (AFG), Tim has been responsible for the origination and structuring of financing solutions for entrepreneur and corporate clients in Greater China.

In the newly created role as Head of IBCM for CSFS, Daniel will be responsible for driving growth initiatives for the securities joint venture's underwriting and advisory business in China, working in close collaboration with Credit Suisse's Greater China and regional IBCM teams to deliver a comprehensive investment banking platform to both onshore and international clients. Daniel has been with Credit Suisse since 2010 and has over 20 years of investment banking experience.

Minsheng has over 25 years' experience in China's financial industry, across investment banking and brokerage businesses. He joined CSFS in 2009 and was appointed CEO of the joint venture in 2014.

Last month, Credit Suisse appointed Janice Hu, Vice Chairwoman for China at Credit Suisse as Chairwoman of CSFS. A veteran investment banker with a strong track record as a client-focused, results-oriented leader, Janice is one of the most experienced China bankers in the industry and has been with Credit Suisse for almost two decades.

About CSFS

Established in 2008 and headquartered in Beijing, CSFS provides a range of capital markets services to clients in the domestic China market, including sponsoring and underwriting A-shares, foreign investment shares and government and corporate bonds, as well as providing financial advisory services. Since October 2016, it has also operated a securities brokerage business in Shenzhen Qianhai and has continued to expand its trading and execution capabilities.

Credit Suisse in China

Credit Suisse's journey in China began more than 60 years ago when it started a correspondent banking relationship with the Bank of China in the 1950s. Credit Suisse was the first Swiss bank to open a representative office in Beijing in 1985, and subsequently opened its Shanghai Bank Branch. Over the years, Credit Suisse has built a strong Greater China business, with a market-leading franchise across private banking, equities, and investment banking and capital markets.

Credit Suisse also has an asset management joint venture – ICBC Credit Suisse Asset Management Co. Ltd. – which is now among the largest in China, with total assets under management of nearly RMB 1.3 trillion as of the end of December 2019.