Credit Suisse has poached another top banker from cross-town rival UBS and appointed him as its new head of the Thailand business.
Urs Grueter, a veteran UBS manager, is joining Credit Suisse (CS) and will take charge of the business in Thailand, according to an internal memo seen by finews.ch. A spokeswoman for the company confirmed the move. Grueter will be made managing director as of October 24, 2016 and market group head Thailand, starting January 1, 2017. He will report to Benjamin «Ben» Cavalli.
The new head of Thailand replaces Christian Senn, who will take a year’s leave after 27 years of service at the bank. After the time-off he will return to CS. Senn managed the Thai unit since 2014.
Part of a Trend
The hiring of Grueter follows the appointments of Dagmar Maria Kamber Borens in May and Patricia Enslow in September, two other managers to switch from UBS to CS in Asia this year. Kamber Borens was the finance chief of UBS in Asia and Enslow head of marketing.
CS recently said that Tsuneaki Hirao would take over its private banking in Japan in the position of a managing director. He used to work for UBS as well, where he was responsible for ultra-high-net-worth-individuals. He also has a past as head of wealth management in Osaka/Kansai.
