Carsten Stoehr, CEO of Greater China at Credit Suisse, said: “China is a strategically important market for Credit Suisse, both in the Asia Pacific region and globally. We firmly believe in the long term prospects for China with its continued liberalization, and are committed to investing in this important market. Our aim is to bring the best of Credit Suisse’s integrated advisory services and solutions to clients in China, leveraging our global platform and our position as a leading global wealth manager with strong investment banking capabilities.”

As part of the next phase of our strategy, Ms. Hu, in her new role as CEO of China, will continue to drive our onshore business and regulatory activities with the objectives to further increase our presence, set up a comprehensive platform, and enhance Credit Suisse’s position. She will work closely with Credit Suisse’s leadership team across Asia Pacific and Greater China to capitalize on collaboration opportunities.

Ms. Hu has an outstanding professional track-record, with over 25 years of experience in the financial markets in China. During her 20-year tenure at Credit Suisse, she has held various senior roles across our China franchise, including Vice Chairwoman of Credit Suisse China and Head of China Investment Banking. In her capacity as Vice Chairwoman of China, Ms. Hu was instrumental in Credit Suisse becoming a majority shareholder of our China securities joint venture in June 2020.

Last week, Credit Suisse renamed its China securities joint venture as Credit Suisse Securities (China) Limited, marking another major step in the bank’s ongoing build-out of its China franchise. Over the past year in mainland China, Credit Suisse has recruited more than 60 professionals across all businesses and corporate functions.

The appointment of Mr. Hu follows the departure of Zhenyi Tang, who is leaving Credit Suisse to pursue other opportunities outside the financial services sector.

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.

In addition to the securities joint venture, Credit Suisse 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 1.4 trillion as of the end of December 2020.