HONG KONG, Oct 11 (Reuters) - Credit Suisse has hired Honggui Li as China investment banking and capital markets head from its Swiss rival UBS Group as part of its push to boost presence in the world’s second-largest economy, said an internal memo seen by Reuters.
Li will be responsible for strengthening Credit Suisse’s China corporate coverage, coordinating its onshore investment banking operations and working closely with other Asia Pacific departments on business opportunities, the memo said.
Having joined UBS in 2006, Li’s latest role at the bank was deputy head of China in the bank’s corporate client solutions department, the note said, adding he will report into Credit Suisse Asia Pacific co-heads for investment banking and capital markets Mervyn Chow and Edwin Low.
A Credit Suisse spokeswoman confirmed the content of the memo, while a UBS spokesman declined to comment.
Credit Suisse’s bigger push into China comes at a time when a pickup in onshore equity and bond issuance there is helping the nation’s home-grown investment banks grab a bigger share of the fee pool.
Credit Suisse Chief Executive Tidjane Thiam said in April this year that the investment bank was eyeing a bigger China presence and would continue to invest in a country where it had been “underweight”. (Reporting by Sumeet Chatterjee; Editing by Muralikumar Anantharaman)