Credit Suisse has announced key appointments to its wealth management team in Asia-Pacific as the Swiss bank embarks on executing a new strategic vision to accelerate growth in the region.
This comes as Francois Monnet, head of private banking for North Asia and chief executive for the bank’s Hong Kong branch, is set to retire on December 31 2021, after a 14-year career with Credit Suisse.
The new team will be led by Benjamin Cavalli as head of wealth management for Asia-Pacific, with Jinyee Young as deputy head.
Chien Chien Wong has been named chief executive officer in Singapore, the bank’s first female CEO in this market, in addition to her current role as the chief operating officer for Asia-Pacific.
All three appointments take effect from January 1 2022, subject to regulatory approvals.
From left: Francois Monnet, Benjamin Cavalli, Jinyee Young and Chien Chien Wong.
An internal memo pays tribute to Monnet’s significant contributions to the bank. Under his leadership, it says, Credit Suisse is well established as a top 3 global franchise in private banking in the region, notably in North Asia where the bank has achieved five consecutive years of double-digit revenue growth with assets under management having doubled since 2016.
Additionally, each individual market under Monnet’s remit – China, Hong Kong, Taiwan, Japan – has been recognized with an award as the best private bank. Monnet also pioneered Credit Suisse’s digital private bank in APAC, elevating clients’ digital banking experience and achieving many industry-wide recognitions in technology and innovation, the memo says.
Cavalli, the incoming head of the region’s wealth management team, is currently head of private banking in South Asia, Singapore CEO and APAC sustainability leader. He has over 25 years of experience in investment banking and wealth management.
He joined Credit Suisse in 2009 as head of private banking (PB) in the Singapore market and was appointed head of PB Southeast Asia and head of Singapore location in 2014.
With his new appointment, Cavalli will relinquish his responsibilities as Singapore CEO and will take on the chief executive responsibilities for the Hong Kong branch. He will continue to act as APAC sustainability leader, representing the region in one of the bank’s most important focus areas.
Young, as deputy head of wealth management in Asia-Pacific, will be based in Singapore and reporting to Cavalli.
She will join the bank’s key governance committees, including joining the APAC operating committee as the third female member after Chien Chien Wong (COO APAC) and Janice Hu (CEO China). Young is also the first-ever female leader in a senior private banking role to be joining the bank’s APAC operating commitee.
Young is currently market group head for PB Singapore, Malaysia and South Asia Switzerland – a Zurich-based team serving clients in South Asia. She has over 25 years of wealth management experience, 18 of which have been with Credit Suisse.
Wong, as Singapore CEO, will work closely with business and corporate function leaders to deliver the integrated model across the bank’s legal entities in Singapore. Her responsibilities include enhancing the bank’s market presence, promoting collaboration for client solutions and business opportunities, driving strategy execution, strengthening people leadership, ensuring a strong country governance framework and risk culture, and managing key regulatory relationships.
Wong joined Credit Suisse First Boston in 1992 and has since held management roles in internal audit, legal & compliance, as well as COO responsibilities across investment banking and private banking in Singapore, Hong Kong and New York.
As one of Credit Suisse’s main strategic booking centres for its wealth management, asset management and investment bank businesses globally, Singapore will continue to play a critical role in the bank’s growth strategy.
Commenting on the new leadership appointments, Asia-Pacific CEO Helman Sitohang says: “As we pivot to faster growth in Asia-Pacifc, with wealth management at the core of our success, the appointments of Benjamin, Jinyee and Chien Chien are a testament to our deep bench of talent and our commitment to build on the unique strengths of our integrated bank model. I am especially delighted that these appointments demonstrate our strong focus on diversity and inclusion, which is at the heart of our culture at Credit Suisse.”
Earlier this month, the bank’s chairman Antonio Horta-Osorio unveiled a new strategy that focuses on risk management while strengthening its core business of wealth management to pursue a more sustainable growth.