Credit Suisse Hires Private banker For Its South East Asian Wealth Management

Credit Suisse announced on Thursday the appointment of Kwong Kin Mun, a private banker, as its new vice chairman for Southeast Asia wealth management.

The troubled bank is being acquired by rival UBS Group for 3 billion Swiss francs ($3.27 billion) in a deal facilitated by Swiss authorities in order to avoid further market-shaking turmoil in global banking.

Swiss regulators stated that action was necessary because there was a risk that Credit Suisse would become "illiquid, even if it remained solvent" following a turbulent period in which the share price plummeted and deposits fell sharply.

According to Kwong, "the sparks from the merger of two global leaders in wealth management will create enormous potential for clients and private bankers."

The UBS takeover is expected to result in significant job cuts at Credit Suisse, according to the Swiss Bank Employees Association, which stated on Monday that staff reductions should be kept to a minimum.

According to his LinkedIn profile, Kwong previously worked at Deutsche Bank for 11 years and DBS Group Holdings for 6 years.