(Yicai Global) June 4 -- Leading financial services provider Credit Suisse has named Tang Zhenyi, the former chairman of Asia-focused brokerage CLSA, as head of its China business.
Tang, who departed Hong Kong-based CLSA in March, joins as chief executive for China, Credit Suisse's Beijing-based unit said on WeChat. He will promote the firm's China strategies, supervise and run its businesses while reporting to Asian-Pacific head Helman Sitohang.
Tang joined Chinese state-backed financial giant CITIC Group in 2011 and chaired its CLSA unit from 2016 before resigning for personal reasons. Before CITIC, Tang worked in China's finance ministry for 17 years, during which time he became the country's executive director at the World Bank.
Credit Suisse plans to inject CNY628 million (USD90.9 million) into its Chinese joint venture Credit Suisse Founder Securities, raising its stake to 51 percent from 33.3 percent. The move, which has yet to be approved by regulators, would make Credit Suisse the fourth foreign owner of a China-based brokerage following UBS, JP Morgan and Nomura.
The Swiss firm opened its first Chinese branch in Shanghai in 1994. Its JV with Industrial and Commercial Bank of China had CNY1.3 trillion (USD188 billion) in assets at the end of last year, making it one of the country's largest asset managers.
Editor: William Clegg