According to BNN Bloomberg, Lai will join in the upcoming months and take on the role of chairman of origination and advice for Asia in the investment bank.

He will be based in Hong Kong and be in charge of enhancing client strategy and consulting capabilities.

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Following Credit Suisse’s acquisition by UBS Group AG, a large number of senior bankers are leaving the Swiss company, including Lai, who was Credit Suisse’s co-head of Asia-Pacific investment banking and capital markets.

In the midst of the upheaval, Deutsche Bank has been one of the most active in recruiting talent away from Credit Suisse.

Nora Yeung, a recent hire from Credit Suisse, is now serving as the region’s co-head of equities capital markets.

Lai will take over as chairman of Deutsche Bank with Qiong Wu.

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Last June, Credit Suisse promoted Lai to co-lead the region’s investment banking and capital markets division when Zeth Hung, his previous boss, resigned to take on the role of vice chairman for the company.

Lai, who was formerly the co-head of real estate for Asia-Pacific, was appointed to co-head of China investment banking in 2018.

Rui Wang was also appointed by Deutsche Bank to serve as the region’s head of investment banking coverage and advisory.

Wang has previously served as Credit Suisse’s China head of investment banking and capital markets.

In the immediate wake of the acquisition, Sergio Ermotti, CEO of UBS, stated that Credit Suisse may need to drastically reduce the size of its deal making operations in order to reduce risks for the combined bank.