Several Credit Suisse bankers focused on private financing in Southeast Asia are leaving the firm, joining an exodus of staff following the takeover by Swiss rival UBS Group AG.
(Bloomberg) — Several Credit Suisse bankers focused on private financing in Southeast Asia are leaving the firm, joining an exodus of staff following the takeover by Swiss rival UBS Group AG.
Bankers exiting in recent weeks include two managing directors — Chwee Sing Koo, head of trading, and Junwei Wu, head of structuring for Southeast Asia and frontier markets, according to people familiar with the matter who asked not to be identified because the matter is private.
Yik Ley Chan, director and head of structuring for Vietnam, Thailand and frontier markets, and director Boomish Gopalakrishnan are also leaving, along with vice presidents Javier Lee and Hong-Jie Wong. The six are all based in Singapore.
UBS’s takeover of Credit Suisse, one of the biggest mergers in global finance, has led to a wave of staff departures as Switzerland’s biggest bank looks to streamline operations. The recent departures were largely motivated by the perception that UBS won’t focus as much on private credit given its lower risk appetite, the people said.
The six bankers are from the APAC Financing Group which targets ultra-high net worth, entrepreneur, and institutional client segments in the region. The operation provides trading, risk management, structuring and syndication for Asia-Pacific, according to the bank’s website.
A spokesperson for Credit Suisse declined to comment. UBS didn’t respond to emailed requests and calls for comment.
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Among other departures, Serene Seah, previously a director at the APAC Financing Group, left last month to join OCP Asia Ltd. as senior portfolio manager, according to her LinkedIn profile.
Credit Suisse’s aggressive push into Southeast Asia, where it lent to billionaire clans including Indonesia’s Bakrie family, helped make it the go-to foreign bank for many wealthy families. Vietnam’s Vingroup JSC, another Credit Suisse client, oversees assets across real estate, technology and retail.
–With assistance from Chanyaporn Chanjaroen.
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