Deutsche Bank Wealth Management has hired three Credit Suisse executives to further accelerate its expansion in the Southeast Asian region.
The German banking group has appointed 11-years Credit Suisse veteran Urs Brudermann as managing director and Southeast Asia group head of the wealth management arm, Reuters reported.
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By GlobalDataShawn Ngoh, who oversaw Credit Suisse’s ultra-high net worth (UHNW) clients across Southeast Asia, is joining the unit as a director.
The firm has also appointed Pichaya Prawanmeet, also joining the firm from crisis struck-investment bank, as vice president of the wealth management arm.
Following the collapse of Archegos and Greensill Capital, Credit Sussie has been struggling to retain its employees around the world.
A Credit Suisse spokeswoman in Hong Kong refused to comment on the latest departures.
Earlier this month, a report by Bloomberg said that the bank has turned to debt sale as it seeks to recover from the losses incurred from the scandals.
According to the report, Credit Suisse has sold $3.75bn of bonds. It issued the debt in three parts including a five-year $1.75bn fixed tranche, the publication added quoting people familiar with the development.
Other developments at Deutsche Bank
Deutsche Bank posted a net income of €692m for the second quarter of 2021 compared to a net loss of €77m a year ago backed by significant improvement across all businesses.
For the quarter ended 30 June 2021, the German bank’s total net revenue declined by 1% to €6.24bn from €6.28bn last year.
Last month, Deutsche Bank reportedly hired five senior wealth managers from its Swiss rival UBS as part of its ongoing efforts to bolster its Swiss-based private banking business.
The bank made new recruitments in a bid to strengthen its wealth management arm in Southeast Asia.
The lender appointed former HSBC executive Terence Leong as Group Head for South East Asia, reporting to the head of Southeast Asia wealth management Shang-Wei Chow.
