Deutsche Bank hires 3 Credit Suisse wealth management execs in SE Asia push
HONG KONG, Aug 16 (Reuters) - Deutsche Bank Wealth Management said on Monday it has hired three executives from Credit Suisse CSGN.S to work across Southeast Asia as part of an ongoing expansion strategy for the region.
Urs Brudermann, at Credit Suisse for the past 11 years and most recently as team leader for Thailand, joins Deutsche's wealth management arm as managing director and group head of Southeast Asia, Deutsche said in a statement.
Also making the move from Credit Suisse is Shawn Ngoh, who primarily manages ultra-high net worth clients across Southeast Asia, and joins Deutsche Bank Wealth Management as a director. Meanwhile Pichaya Prawanmeet has been appointed vice president, the statement said.
Credit Suisse has been working to retain staff around the world as it grapples with the fallout from the recent Archegos and Greensill Capital scandals.
A Credit Suisse spokeswoman in Hong Kong declined to comment on the three departures.
Credit Suisse is considering merging its three wealth divisions - the international business, Swiss business and a separate Asia Pacific division - into one, Reuters reported on June 30 Link
A merged wealth management unit could either combine the Asia-Pacific and International Wealth Management divisions, or further fold in the bank's private banking business for ultra-wealthy customers in its home market, which now sits in its Swiss division.
In its second-quarter results, Credit Suisse said it had hired 60 people across its Asia-Pacific division in the past six months.
Reporting by Scott Murdoch in Hong Kong; Editing by Kenneth Maxwell
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