Benjamin Cavalli, who first joined Credit Suisse in 2009, has been given the additional title of chief executive of the Swiss bank’s Singapore operation, as part of a Credit Suisse Asia Pacific management reshuffle that took effect on 1 January.
Cavalli, pictured, takes over the Singapore CEO duties and title from Lito Camacho, who has retained his role as vice chairman of Asia Pacific, the bank said in a statement. Cavalli retains his existing role of head of Southeast Asia and head of Singapore Location for Private Banking, reporting to Francesco de Ferrari, Head of Private Banking Asia Pacific and CEO Southeast Asia.
As reported, Credit Suisse has been looking to expand its presence in the Asia Pacific region, under CEO Tidjane Thiam, who joined the company in 2015 from Prudential, and who is said to see significant growth potential among the region’s growing ranks of high-net-worth individuals in particular.
Credit Suisse data shows the firm attracted net new assets of CHF17.8bn (US$17.44bn) in the Asia-Pacific region in 2015, and has said it is targeting CHF25bn (US$24.5bn) annually by 2018. In October it pulled the wraps off of a new private banking operation in Thailand, which it said would be supported by the firm’s regional private banking hub in Singapore.
Cavalli is described as having two decades’ of experience in wealth management and investment management across Asia and Switzerland, 15 years of which were in senior management roles based in Singapore. As Singapore CEO, he “will work closely with relevant business heads in Singapore to support the bank’s business and client strategy to ensure it builds a sustainable and profitable franchise”, Credit Suisse said.
“He will also work with the corporate functions, to ensure that the requisite governance and control framework is in place.”
In other changes, Tan Kuan Ern, head of Singapore coverage, investment banking and capital markets (IBCM), has taken on the additional role of deputy Singapore CEO. He suceeds Edwin Low, who remains as co-head of IBCM, Asia Pacific.
Jacky Ang, a 19-year veteran of Credit Suisse, has been named branch manager for Credit Suisse AG’s Singapore branch and senior corporate officer for Credit Suisse (Singapore) Ltd, which he will assume while retaining his existing title and duties of chief operating officer, Singapore. Ang, who had previous been the deputy branch manager as well as deputy senior corporate officer, succeeds Chien Chien Wong, who was recently made COO of Asia Pacific.
Credit Suisse has had an established presence in Singapore for more than 40 years, having first opened a representative office there in 1971, which it followed two years later with its first Asian branch.
In addition to Singapore and, as of last year, Thailand, Credit Suisse’s Asia-focused wealth unit also has operations in Hong Kong, Japan, Australia and India.