Credit Suisse promoted an investment banker to the Swiss bank's top tech role in China, Hong Kong, and Taiwan. The move follows the exit of a high-profile female banker to join recently-defected rainmaker Mervyn Chow.
The Zurich-based bank will promote Allan Chu, currently co-head of corporate finance for China, Hong Kong, and Taiwan, to the head of technology, media, and telecom, or TMT, banking, for greater China, a source familiar with the matter told finews.asia.
He replaces Isabelle Luan, a Credit Suisse managing director who is departing, reportedly to join rainmaker Mervyn Chow. He in turn has joined Hillhouse, a Chinese tech investor. Luan couldn't immediately be reached.
Chu has worked on landmark deals in China including Alibaba's $25 billion initial public offering as well as the Chinese firm's 33 percent stake in Ant Financial.
China Hopes
Parallel to Chu's promotion, Credit Suisse will move Karen Chen, a recent hire from Temasek, to the TMT team. She previously held a similar role for Goldman Sachs, prior to Temasek. The moves comes following several torrid months for the Swiss firm's investment bank in China, including Chow's defection.
Credit Suisse has told staff it remains committed to China, both for onshore as well as offshore banking. In particular, CEO Tidjane Thiam is pinning his hopes on selling investment banking services like capital markets access to Chinese clients, such as wealthy entrepreneurs.
