Credit Suisse Group AG has brought in financial services veteran, Carsten Stoehr, who joins the lender from rival Standard Chartered as its newest Head of Financing for Asia Pacific (APAC), according to a recent Reuters report.
In his new role as the Head of Financing in APAC, Mr. Stoehr will help traverse Credit Suisse’s multiple operations, including its lending, emerging markets (EM), and corporate banking sectors. More specifically, Mr. Stoehr’s mandate will aim to coalesce multiple channels of Credit Suisse’s business, in essence bringing together several existing components of the lender’s operations, under the new leadership of Mr. Stoehr.
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The latest appointment comes on the heels of comments from Credit Suisse’s Chief Executive, Tidjane Thiam, who affirmed the group’s focus, strategy, and commitment in Asia across its private banking and wealth management.
He will be based out of Credit Suisse’s Hong Kong branch, where he will begin his appointment with immediate effect. Mr. Stoehr joins Credit Suisse from Standard Chartered, where he worked as its Global Head of Financial Market Sales, also in Hong Kong.
The appointment of Mr. Stoehr also encapsulates the stark differences between the overall playing field in Asia and its UK operations. Q4 2014 saw a number of key departures from the lender in the UK, part of an industry-wide exodus out of the financial hub. Since then, Credit Suisse has opted to move segments of its business to Ireland in a cost-cutting move.