Credit Suisse Hires Former CLSA President Tang to Lead China

Credit Suisse has hired Tang Zhenyi as the new Managing Director of its China business. He left his position as president of CLSA as part of a leadership exodus at the Asia-based broker two months ago.

The Zurich investment bank said in a statement on Monday that Mr Tang will badume responsibility for "the implementation of Credit Suisse's strategy in China in the course of its business and regulatory activities", citing its substantial experience. in the creation of enterprises in China and the improvement of connectivity between China. and international markets ".

Tang left Hong Kong-based CLSA in March around the same time, but long-time CEO Jonathan Slone and COO Nigel Beattie have also left. The management's decision was made amid signs of a split between CLSA, a Western company, and its Chinese parent, Citic Securities.

Mr. Tang, a former bureaucrat of the Chinese Ministry of Finance, was reportedly subject in March to an internal audit by the Beijing authorities, which temporarily prevented him from leaving the country without having to go into the country. he is suspected of wrongdoing.

Mr. Tang, who will be based in Beijing, will begin his new job this month and will be a member of the Credit Suisse Asia-Pacific Operating Committee.

The appointment comes as Credit Suisse seeks to increase its stake in its investment banking joint venture in China to 51%, giving it control over the company's operations.

"He will continue our strategy as a leading global wealth manager with strong investment banking capabilities. We remain committed to developing China's wealth and financial markets, "said Tidjane Thiam, CEO of Credit Suisse.