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Credit Suisse has named Mervyn Chow as its chief executive for Greater China and Carsten Stoehr as chairman of its two key legal entities in Hong Kong.
Chow and Stoehr assume their new roles following the retirement of Neil Harvey, the bank’s CEO of Hong Kong and chairman of Greater China, after 17 years at Credit Suisse and 32 years in the financial services industry, the Swiss bank said in a statement on Thursday.
Chow’s appointment is in addition to his existing roles as co-head of investment banking and capital markets, Asia-Pacific, and CEO for China. It is also the latest step in his rapid rise through the ranks at the bank. He was only named CEO for China in February.
In this expanded role, Chow will lead Credit Suisse’s overall strategy in Greater China across the bank’s private banking and investment banking platform.
He will also be responsible for maintaining all of Credit Suisse’s regulatory relationships across Greater China.
Stoehr’s appointment puts him in charge of Credit Suisse’s two key licensed corporations that undertake the main business activities of Credit Suisse in Hong Kong.
He takes on his new responsibilities in addition to his existing role as head of the Asia-Pacific Financing Group. In this expanded capacity, he will oversee business strategy and people strategy, as well as the regulatory relationships related to the licensed corporations.
Harvey will remain with the bank until the end of the year to ensure a smooth transition.
“Mervyn and Carsten are among our strongest leaders. They both lead successful and profitable businesses,” said Helman Sitohang, Credit Suisse’s Asia-Pacific CEO.
Credit Suisse's Wealth Management & Connected business across Asia-Pacific, comprising private banking, advisory, underwriting and financing, reported adjusted pre-tax income growth of 72% in the first half of the year versus the same period last year, reaching a record CHF403 million ($414 million).
Carsten Stoehr
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Mervyn Chow
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