Credit Suisse has hired a former Royal Bank of Scotland banker as head of private banking in China. The move underscores the Swiss bank's belief that the region will be a major source of profits in coming years.
Zurich-based Credit Suisse has hired former RBS banker Rick Meng as head of China onshore private banking, according to an internal memo seen by finews.com.
The hiring of Meng is part of Credit Suisse's strategy to further develop the China onshore wealth management business in the world's second-largest economy.
Long Experience
Meng brings 17 years’ experience in the financial industry across China, Hong Kong and the U.S., and deep relationships with Chinese corporates. He was hired from RBS, where most recently he was head of corporate coverage in China, and manager of the bank's Shanghai branch.
He will be based in Shanghai and report functionally to greater China private banking head Francois Monnet and locally to David Liu, Shanghai Branch Manager.
China Strategy
Meng will focus on building a wealth management team based in Shanghai, expanding the onshore client coverage and complementing the greater China private banking business.
He will also work closely with the investment banking team to identify business opportunities and cater to the international investment and corporate needs of key ultra-high net worth and entrepreneur clients in China.
Earlier this month, the Swiss bank announced the launch of a joint venture with Founder Securities for onshore brokerage services.
