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Bloomberg
Credit Suisse Group AG will name two veterans to lead its Asia-Pacific financing group in a bid to shore up one of its most profitable businesses in the region after a series global scandals triggered billions of dollars in losses and departures of senior executives at the Swiss bank.
The Zurich-based lender will name Tim Tu, who just stepped down as chief executive officer of its China securities venture, and Aaron Oh, who runs structured solutions in the region, as co-heads of the division. Tu was Greater China head for the financing group until end of last year.
Credit Suisse embarked on a global restructuring of its senior ranks in November after taking a multi-billion dollar hit from the Archegos Capital Management scandal and the collapse of Greensill Capital. The Swiss bank shocked investors last month with its fifth profit warning in six quarters.
The revamp included removing the regional autonomy that Asia enjoyed and replacing Asia Pacific chief executive officer, Helman Sitohang, who stepped aside to focus more on clients. The Asia business has also been burdened by turmoil at Luckin Coffee Inc., a Chinese coffee chain that was caught fabricating revenue.
Part of the Asia financing group business will be put into a venture between the investment banking & capital markets and private banking units in Asia, seeking to bolster revenue from entrepreneurs and wealthy individuals in Asia, one of the people said.
The group originates and structures financing for entrepreneurs and corporate clients.
In an interview in November, Sitohang painted an upbeat picture of the bank’s business, saying its lending was getting back on track in Asia.
Edwin Low, the lender’s co-head of investment banking and capital markets in Asia, was last month picked to take over from Sitohang.
Oh, also a vice chairman of investment banking for Asia, started his career at Lehman Brothers in 2004 and joined Credit Suisse in 2008. Tu joined in 2016 as the Greater China head of structuring and previously spent 11 years with Standard Chartered Bank Plc.