A number of bankers working at Credit Suisse bank in the Southeast Asia region have quit after the bank's acquisition by its Swiss rival UBS Group AG. The exiting bankers have joined many others, who left after the takeover that took place on 19 March 2023.
Two managing directors, Junwei Wu, head of structuring for Southeast Asia and frontier markets, and Chwee Sing Koo, head of trading, are among the bankers who have left in recent weeks. The information was provided to Bloomberg by persons familiar with the situation who asked not to be named because the subject is confidential.
Along with vice presidents Javier Lee and Hong-Jie Wong, director Yik Ley Chan, who oversees structuring for Vietnam, Thailand, and frontier markets, and director Boomish Gopalakrishnan are also departing.
Singapore is the base for all six of them. The largest bank in Switzerland is trying to streamline operations after UBS acquired Credit Suisse in one of the largest mergers in global finance, as it struck a deal worth $3.2 billion. This has resulted in a wave of personnel departures.
The six bankers are from the APAC Financing Group, which serves the region's institutional, entrepreneur, and ultra-high net worth clientele. According to the bank's website, the unit offers trading, risk management, structuring, and syndication for Asia-Pacific.
Serene Seah, formerly a director at the APAC Financing Group, quit last month among other people, according to her LinkedIn page, to join OCP Asia Ltd. as senior portfolio manager.
Credit Suisse became the preferred foreign bank for many affluent families as a result of its rapid expansion into Southeast Asia and lending to billionaire families there, particularly the Bakrie family of Indonesia. Another Credit Suisse client, Vingroup JSC in Vietnam, is in charge of assets in the real estate, technology, and retail sectors.