The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann
Swiss bank Credit Suisse (CSGN.S) is set to name Edwin Low as its Asia Pacific chief executive, replacing veteran banker Helman Sitohang, two sources familiar with the matter said.
Singapore-based Low, who is Credit Suisse’s Asia Pacific investment banking co-head and its Southeast Asia CEO, has risen through the ranks after joining as an associate in 1996.
Sitohang, who has been the CEO of Credit Suisse’s Asia Pacific business since 2014, will take on a new role and report to the bank’s global CEO, one of the sources told Reuters, adding that an announcement could be made as early as this week.
The sources declined to be named as Credit Suisse has not announced the moves, which were earlier reported by Bloomberg.
Credit Suisse said it regularly discusses succession plans and reviews senior appointments as it implements the new strategy and structure which it announced late last year.
But no board decisions have been taken, said the bank, which has seen a series of changes in its top management after it racked up billions of dollars in losses in 2021.
Last week, Credit Suisse warned of a first-quarter loss after increasing legal provisions and seeing business activity slow down. It reports results on Wednesday. read more
Low and Sitohang have worked at Credit Suisse for more than two decades and together arranged billions of dollars of capital market deals and mergers and acquisitions.
Late last year, Credit Suisse integrated its Asia Pacific division into its broader structure. read more
For years, Switzerland’s second-largest bank has been one of the most active investment banks in developing markets such as Indonesia and Vietnam, winning mandates from entrepreneurs and business families, often backed by financing.
Reporting by Anshuman Daga; Additional reporting by Scott Murdoch; Editing by Louise Heavens and Alexander Smith
This article was originally published by Reuters.