UBS Group AG reshuffled its Asia global banking division, appointing some senior Credit Suisse Group veterans to help bolster coverage and sector expertise across the region, according to an internal memo.
Kuan-Ern Tan, former co-head of investment banking for Asia-Pacific at Credit Suisse, has been named co-head of Asia coverage with John Lee, the existing head of Greater China. Tan will also partner with Nicolo Magni to build a “leading franchise” in Southeast Asia and South Asia, the memo said.
Kyungin David Lee is appointed head of global banking for Korea and vice chair for Asia to help cross-border activities between North Asia and Southeast Asia. Christian Deiss, a more than 24-year veteran at Credit Suisse, was made co-head of global industrials group for Asia with Eileen Chan, according to the memo.
UBS is looking to retain more than 100 Credit Suisse bankers in some Asian countries and Southeast Asia, seeking to shore up talent in products and markets where its Swiss rival has stronger presence. The bank is also weighing a plan to cut about 200 Credit Suisse bankers in Asia over the next couple of months, people familiar said yesterday.
A Hong Kong-based spokesman confirmed the contents of memo.
To boost sector and product coverage, UBS also made the following appointments of former Credit Suisse bankers:
- Allan Chu to jointly head the technology, media and telecom division for Asia-Pacific with UBS’s Axel Granger and Tim McKessar, but will primarily focus on China technology
- Aaron Tan, former head of APAC energy and transition, will run the energy transition and global industries group in Southeast Asia
- Fabrice Delacroix, former director of energy & transition at Credit Suisse, will head renewables.
- Aaron Oh, former co-head of Asia financing group, will head structured origination within capital markets, with the equity linked team reporting to him; Jennifer Choi will become co-head of equity-linked Asia with UBS’s Brian Chau
- Cheun-Hon Ho, the former co-head of equity capital markets for Asia Pacific, will be vice chair of ECM Asia
