MOVES-Credit Suisse hires two Deutsche bankers for China prime brokerage business

HONG KONG, Jan 6 (Reuters) - Credit Suisse Group AG said on Monday it had hired two bankers from Deutsche Bank AG for its China prime brokerage business, as part of its expansion plans in the world’s second-largest economy.

Michelle Lim has been appointed as the head of China prime sales and business development, while Henry Lam has joined the Swiss investment bank as a director in China prime sales team, Credit Suisse said in a statement.

Before joining Credit Suisse, Lim was co-head of Asia prime brokerage sales at Deutsche Bank and Lam was a director in Asia prime brokerage sales team at the German lender which last year exited from its equities business eliminating thousands of jobs.

Prime brokers provide services such as clearing trades and lending money to hedge funds.

“These appointments underpin our commitment ... to the burgeoning China hedge fund segment, as we gear up for our China onshore expansion in 2020 and beyond,” Neil Hosie, head of Asia Pacific equities at Credit Suisse, said in the statement. (Reporting by Sumeet Chatterjee; Editing by Rashmi Aich)