In the meantime Mr. de Ferrari, who will be based in Singapore, will assume the role as Deputy Head of Private Banking Asia Pacific. Mr. de Ferrari joined Credit Suisse in 2002 and has held various senior roles at the Bank, including most recently Head of Private Banking Italy and prior to that, Chief Operating Officer for Private Banking Europe, Middle East and Africa (EMEA) region. Mr. de Ferrari started his professional career in 1990 and has worked in a number of blue chip companies such as Deloitte & Touche, Nestlé and McKinsey. Before joining Credit Suisse, he founded and led two different entrepreneurial ventures in the retail distribution and internet fields.

Commenting on the appointments, Mr. Berchtold said: “Francesco joins Asia Pacific with in-depth knowledge of our Private Banking business and proven management capabilities. His professional experience and strong strategic skills make him an excellent choice for this senior leadership role. Marcel will continue to play an important role as Chairman in providing strategic vision and support to the senior management team in Private Banking Asia Pacific. He will be actively involved as senior coverage for our key clients and will support and facilitate relationships within Private Banking and cross-divisionally.”

Mr. Abbasi said: “Asia offers tremendous potential and is experiencing rapid wealth creation. We are firmly committed to investing in and growing our regional Private Banking business for the longer term. Our Private Banking business is critical to delivering a client-focused franchise. I am delighted to welcome Francesco to the management team in the region. Francesco’s appointment is also testimony to the Bank’s success in developing and supporting our best people. We have considerable growth ambitions for the region, and Private Banking is core to our strategy. I am looking forward to working with Francesco to execute our plans.”

Private Banking Asia Pacific has been among the fastest-growing of Credit Suisse's international wealth management businesses, with approximately 20% growth in Net New Assets (NNA) per annum over the last three years. Since 2008, cumulative NNA has amounted to CHF 36 billion in Asia, contributing to more than a quarter of the Bank’s global NNA result.