Credit Suisse is adding more urgency to the development of its corporate banking in China. It has attracted a top manager from Swiss rival UBS for the purpose.
Credit Suisse (CS), Switzerland's second-biggest bank, has appointed a new head of investment banking in China, the emerging economic superpower. Honggui Li has been put in charge of China investment banking and capital markets, according to an internal memo obtained by «Reuters».
One-Source Access
Honggui Li joins CS from UBS, the bank's biggest rival. The manager was deputy head of corporate client solutions in the People's Republic.
He will report directly to Mervyn Chow and Edwin Low, the joint heads of investment banking and capital markets in the Asia-Pacific region.
His main brief will be to strengthen the relations to the bank's corporate clients in China and to improve the cooperation with other divisions within the company.
China's Importance for CS
The reason behind this is CEO Tidjane Thiam's promise to offer company bosses a one-source access to the complete services of CS.
Thiam in April announced that the investment bank would bolster its influence in the People's Republic, having previously operated a more defensive strategy in the giant economy in the Far East.
