Credit Suisse has named Zhenyi Tang as its chief executive in China to oversee the bank’s onshore entities, a move that the bank hopes will allow it to catch up with foreign rivals in the region.
While trade war concerns mean that other banks are shrinking headcount in the region, Tang’s appointment comes as Credit Suisse expands in the Chinese market. In a statement on Monday, the bank said it had applied, in April, to increase its stake in its onshore securities joint venture to 51% and is still awaiting approval from Chinese regulators. It previously held a 33.3% stake in the JV.
This move is...
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