Credit Suisse recently announced that it has made three senior appointments for its China securities joint venture, Credit Suisse Founder Securities Limited (CSFS), as part of its China onshore strategy.
In particular, the Board of Directors of CSFS has named Tim Tu as the Chief Executive Officer (CEO) of the joint venture, while the current CEO Minsheng Wang has been appointed as Vice Chairman of CSFS.
Furthermore, Credit Suisse has also recruited Daniel Qiu to take on the role as Head of Investment Banking & Capital Markets (IBCM) for the joint venture. According to the statement from the Swiss investment bank on Thursday, these appointments will be effective in “due course”.
Tim Tu will be responsible for managing the operations of CSFS as the CEO, he will also be in charge of the oversight of the company’s strategic direction. According to the Swiss bank, his focus will be aligning CSFS with Credit Suisse’s broader Greater China strategy. Tim Tu has been with the investment bank since 2016, having joined from Standard Chartered Bank.
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Credit Suisse aims to bring offshore services to China
Commenting on the appointments, Helman Sitohang, Asia Pacific CEO of Credit Suisse, said in the statement: “The appointments underscore our continued long-term commitment to China.
“Our securities joint venture is a key part of our strategy to build a leading wealth manager with strong investment banking capabilities in this key market. We aim to bring our comprehensive offshore capabilities to mainland China, capturing opportunities from the further liberalization of the domestic financial market. We will continue to invest in China and closely integrate our onshore operations with our businesses across Asia Pacific.”
Daniel Qiu, who has taken on the newly-created role of Head of IBCM for CSFS, will be responsible for driving the company’s growth initiatives for its underwriting and advisory business in China.
Minsheng, who has more than 25 years’ experience in the financial industry within the country, was first named as the CEO of Credit Suisse’s joint venture in 2014, having joined the company in 2009.