In Hong Kong, Francois Monnet will take over from Tee Fong Seng as head of Greater China. Monnet is currently chief operating officer for private banking in Asia-Pacific, responsible for all “run-the-bank functions” the bank said, which includes investments in infrastructure and the build-up of digital capabilities across Asia.
Monnet joined Credit Suisse in 2007 as head of private banking for Southeast Asia and Australasia. In 2010, he became head of ultra high net worth clients for private banking in Southeast Asia, Australia and Japan.
He will report to Francesco de Ferrari, head of private banking for Asia-Pacific.
Tee Fong Seng will remain as chief executive of the Hong Kong branch and as vice chairman for private banking in Asia-Pacific.
A second appointment is Alex Wade as head of private banking in Australia, following the retirement of Edward Jewell-Tait. He will be based in Sydney. Wade is currently the head of Australia and Asia-Pacific Switzerland, responsible for further developing the business strategy
The two will assume their new roles on January 1, 2016.
A third appointment, which has already taken effect, is Balakrishnan Kunnambath, who joined from DBS Private Bank.
His role is managing director and market group head for non-resident Indian clients in Asia-Pacific. He is based in Singapore.
At DBS, Balakrishnan was managing director and the NRI head, covering Asia-Pacific and the Middle East NRI markets.
For the first nine months of the year, Credit Suisse’s Asia-Pacific business generated revenues of CHF 3 billion ($2.9bn), up 17%, and pre-tax income of CHF 1.1 billion, up 48%, the bank said.
Credit Suisse Asia-Pacific has said it aims to double pre-tax income and client assets under management in the region by the end of 2018.
