Credit Suisse to appoint new CEO for China securities JV -sources

Credit: REUTERS/ARND WIEGMANN

Credit Suisse Group AG is planning to appoint its Hong Kong-based senior banker Tim Tu as the new chief executive of its joint venture with China's Founder Securities, three people with direct knowledge of the matter told Reuters.

By Kane Wu and Julie Zhu

HONG KONG, July 15 (Reuters) - Credit Suisse Group AG CSGN.S is planning to appoint its Hong Kong-based senior banker Tim Tu as the new chief executive of its joint venture with China's Founder Securities 601901.SS, three people with direct knowledge of the matter told Reuters.

Tu, a managing director in the bank's Asia Pacific financing group, is expected to take over from Wang Minsheng as CEO of Credit Suisse Founder Securities Ltd, said two of the people on condition of anonymity. Wang would become the vice-chairman of the joint venture, the two sources said. The appointment is still subject to approvals, including from the joint venture's board of directors and notification to Chinese regulators.

Credit Suisse declined to comment. Tu did not respond to an emailed request for comment.

A former Standard Chartered STAN.L banker, Tu joined the Swiss bank in 2016 as a director and was promoted to the role of a managing director three years later, according to his LinkedIn profile.

After gaining 51% control of its Chinese securities joint venture in June, Credit Suisse aims to take on full ownership from Founder Securities as it seeks to increase its market share and hire more staff in China.

Switzerland's second-largest bank is also set to appoint Daniel Qiu, a Credit Suisse managing director covering the energy sector, as head of investment banking at the joint venture, the same two sources said.

It was not immediately clear when Tu and Qiu would start in their new roles.

Based in Beijing, the joint venture's offerings in the local market include sponsoring and underwriting shares on the Chinese exchanges and providing financial advisory services.

(Reporting by Kane Wu and Julie Zhu; Writing by Sumeet Chatterjee; Ana Nicolaci da Costa)

((sumeet.chatterjee@thomsonreuters.com; +852-2847 2094;))

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