Corporate Press Release
Credit Suisse Announces Key Appointments in Private Banking Asia Pacific
Mr. Monnet will take on the role of Head of Private Banking North Asia, with Mr. Cavalli appointed as Head of Private Banking South Asia. This new structure will enable closer proximity to clients, shorten decision making lines, increase regional focus and continue to foster business collaboration across the bank's integrated Private Banking and Investment Banking platform. These have been differentiating attributes for Credit Suisse which have led to industry leading growth in profits for Wealth Management & Connected (WM&C), comprising Private Banking, Advisory, Underwriting & Financing, since 2015. WM&C has continued to benefit from a strategic focus on target entrepreneur, corporate and ultra-high-net-worth clients, delivering adjusted pre-tax income of CHF 464 million in the first six months of 2018, up 15 percent year-on-year, and a strong adjusted return on regulatory capital of 31 percent.
Commenting on the appointments, Mr. Sitohang said, "In Francois and Benjamin, we have two proven leaders who have long standing track records of building market leading businesses who will propel Wealth Management in Asia Pacific to the next level by focusing on clients, teamwork and profitability. Since the inception of the Asia Pacific Division in October 2015, our client-focused strategy has proven to be highly successful, aligning our Wealth Management business growth with our Markets business. Francois and Benjamin will work in close collaboration to broaden our Private Banking franchise and identify opportunities to deliver a wide range of innovative solutions to our most important clients across the region. We are confident that further regional focus in our business and a flatter, more nimble structure, led by Francois and Benjamin, will increase the client and market proximity while providing more local empowerment for our highly talented people."
Mr. Monnet joined Credit Suisse in 2007 as Head of Private Banking Southeast Asia. Since January 2016, he has held the role of Head of Private Banking Greater China, and is also the Chief Executive of Credit Suisse Hong Kong Branch. Under his leadership, the bank has capitalized on the synergies and business opportunities in Greater China as well as enhanced its interconnectivity with its core entrepreneur and ultra-high-net-worth clients.
Mr. Cavalli joined Credit Suisse in 2009 as Head of Private Banking Singapore Market. He was appointed Head of Private Banking Southeast Asia and Head of Singapore Location in October 2014, and in January 2017 he also assumed the role of Singapore CEO. Under his leadership, Mr. Cavalli has driven profitable growth by capitalizing on synergies across Credit Suisse's integrated platform and executing on its client strategy in Southeast Asia.
The appointments of Mr. Cavalli and Mr. Monnet follow the departure of Francesco de Ferrari, Head of Private Banking Asia Pacific and CEO for Southeast Asia and Frontier Markets, who is leaving Credit Suisse after 17 years to pursue other opportunities.
Mr. Sitohang added, "Under Francesco's leadership, we have built a highly successful onshore and offshore private banking business model, and expanded its footprint across the region beyond established key wealth management hubs, to capture the opportunities in both mature and emerging wealth markets. We thank Francesco for his contributions to Credit Suisse over the years and wish him the very best in his future endeavors."
Private Banking is core to the success of Credit Suisse's franchise in Asia Pacific, and is underpinned by the delivery of comprehensive financial solutions, excellent service and insightful investment advice to clients. Private Banking Asia Pacific's Assets under Management crossed the CHF 200 billion milestone to reach a record high of CHF 206 billion in the first half of 2018, underlining the success of Credit Suisse's strategy as the Trusted Entrepreneurs' Bank of Asia Pacific.
Credit Suisse has received multiple prestigious industry awards in recognition of its leading Private Banking business in Asia Pacific. These industry awards include Best Private Bank by AsianInvestor; Best Private Bank in Singapore, Australia and Thailand by Euromoney; and, for the first time, Best Private Bank Hong Kong by Asiamoney; all awarded in 2018. Asian Private Banker has also named Credit Suisse Best Private Bank in Asia for four out of the last five years.