Credit Suisse appoints private banker as vice chairman

On Thursday, Sydney Credit Suisse announced that it has hired private banker Kwong Kin Mun as its new vice chairman for Southeast Asia wealth management.

The bank is being bought by UBS Group for 3 billion Swiss francs $3.27 billion in a deal designed by Swiss authorities to avoid market-shaking turmoil in global banking.

Swiss regulators said it was necessary to take action because there was a risk that Credit Suisse could have become illiquid, even if it remained solvent after a tumultuous period in which the share price tanked and deposits fell sharply.

In a statement from the investment bank, Kwong said that the merger of two global leaders in wealth management will create enormous potential for clients and private bankers. The takeover of the UBS is likely to result in major job cuts at Credit Suisse and the Swiss Bank Employees Association, according to the on Monday staff reductions should be kept to a minimum.

Kwong was previously at Deutsche Bank for 11 years and at DBS Group Holdings for 6 years, according to his LinkedIn profile.