Friday 29 Mar 2024
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KUALA LUMPUR (Oct 23): Credit Suisse today announced that Helman Sitohang has been appointed its CEO for Asia Pacific, replacing Eric Varvel, who will become chairman for the group’s Asia Pacific and Middle East regions.

Sitohang’s new responsibility is in addition to his existing role as head of the investment bank Asia Pacific.

All country CEOs of Credit Suisse, as well as its head of private banking and wealth management Asia Pacific and heads of equities, fixed income and the investment banking department in Asia Pacific, as well as the shared services heads in Asia Pacific, will report to Sitohang. Sitohang, meanwhile, reports directly to the group’s CEO Brady Dougan, Credit Suisse said in a statement.

“The Asia Pacific region is experiencing the highest economic growth of any region in the world…Mr Varvel has been CEO of Asia Pacific since 2012 and will continue to play a key role in providing important continuity in the chairman role.

"Mr Sitohang has been instrumental in the success Credit Suisse has achieved in Asia Pacific, particularly in the investment bank and in Southeast Asia. With the strong asia Pacific management team, increased autonomy and higher resource allocation to Asia Pacific, Credit Suisse believes Mr Sitohang will be able to produce outstanding results, demonstrate growth, and build on the impressive momentum in the region,” the statement read.

“I believe that we have great potential in Asia Pacific and very strong momentum. Our comprehensive presence in the region, and leading positions in Private Banking & Wealth Management and Investment Banking, means that we can provide a truly focused service to our clients across Asia Pacific.

“More than any other institution, our clients in the region can benefit from a fully integrated suite of Private Banking and Investment Banking expertise which is difficult to replicate elsewhere,” Sitohang said.

Sitohang has been with the bank since 1998. During his career with Credit Suisse, he has been involved in around US$150 billion (RM491 billion) worth of mergers and acquisitions, capital raising across the globe, and has led the origination of many of the bank's high profile deals across Asia and Australia.

Sitohang will be based in Singapore, a shift from the traditional base of Credit Suisse’s CEO Asia Pacific in Hong Kong. Singapore is Credit Suisse’s largest hub in Asia Pacific, and fourth largest location globally, after Zurich, New York and London.

 

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