Credit Suisse today announced that Osama Abbasi has been appointed Chief Executive Officer of the Asia Pacific Region and a member of the Executive Board of Credit Suisse Group AG and Credit Suisse AG, reporting to Brady Dougan, effective October 1, 2010.
Kai Nargolwala will become Chairman of Credit Suisse Asia Pacific effective the same date.
Osama Abbasi, currently head of the Equities department of the Investment Bank in Asia Pacific, will become the CEO of the Asia Pacific region. He will be responsible for executing the bank’s strategy in Asia Pacific and will be responsible for both divisional and country performance in the region. Kai Nargolwala will take on the new role of non-executive Chairman of Credit Suisse in the region. In this role, he will provide counsel and guidance to senior management in the region, including the newly appointed CEO, with a focus on strategy and senior client relationships.
Hans-Ulrich Doerig, Chairman of Credit Suisse Group, said: “Asia Pacific is a very important growth region for us and these appointments further strengthen our management team in the region. The appointment of Osama Abbasi demonstrates the depth of talent we have developed at Credit Suisse under Brady Dougan’s leadership, enabling us to promote yet another member of our existing senior management to the executive team. We are pleased that Kai Nargolwala will continue to contribute to the bank in his new role as non-executive Chairman of Credit Suisse in Asia Pacific. Kai has done a tremendous job in defining and implementing the strategic agenda for expansion of the bank’s presence in Asia Pacific and in managing the region through a very turbulent time for the industry. In his new role, Kai’s wise counsel and extensive Asia experience will benefit Credit Suisse greatly as we continue to develop our business in the region.”
Brady W. Dougan, CEO of Credit Suisse, said: “I am delighted to welcome Osama as a member of the executive team and I am most grateful to Kai for his enormous contribution over the past few years. Osama has a strong track record as one of our most talented business leaders and will bring great energy and focus to his new role. As regional CEO of Asia Pacific, he will provide essential leadership as we further develop our strategy, our brand, our people and our client relationships across our business divisions in this key growth market. I am delighted that Kai will continue to play an important role in helping guide our strategy in the region. Kai has been an invaluable leader for the bank in Asia Pacific, overseeing a number of key strategic developments that will stand our franchise in good stead as it further grows under Osama’s stewardship.”
He concluded: “Credit Suisse is on track to continue growing as a well capitalized, globally integrated bank. We are confident that these appointments in Asia Pacific will help to further accelerate the implementation of our client-focused, capital-efficient strategy.”
Osama Abbasi will remain based in Hong Kong and Kai Nargolwala will relocate to Singapore.
Osama S. Abbasi will become Chief Executive Officer of Credit Suisse Asia Pacific and a member of the Executive Board of Credit Suisse Group and Credit Suisse with effect from October 1, 2010 and will be based in Hong Kong. He is currently head of the Equity department in Asia Pacific and a member of the Investment Bank Management Committee, Global Equity Management Committee and the Asia Pacific Operating Committee. Previously, Mr. Abbasi was Head of Global Securities for Non-Japan Asia and Australia, responsible for both the Equities and Fixed Income departments. Prior to that, he was the Head of European Securities Structured Derivatives and Fixed Income Sales for Europe, the Middle East and Africa.
Mr. Abbasi joined Credit Suisse Financial Products, the former derivatives subsidiary of Credit Suisse First Boston, in 1996 from Bankers Trust, where he worked in various trading and marketing positions in Fixed Income and Equities.
Mr. Abbasi holds a B. Sc. in Economics from the Wharton School of Business at the University of Pennsylvania.
Kai Nargolwala will become Chairman, Credit Suisse Asia Pacific with effect from October 1, 2010 and will be based in Singapore. Mr Nargolwala joined Credit Suisse in January 2008 as Asia Pacific CEO. In this role, he was responsible for all of Credit Suisse’s activities in the region including the private banking, investment banking and asset management businesses. Mr. Nargolwala was previously at Standard Chartered Bank, which he joined in 1998. He was appointed to the Board of Standard Chartered PLC in May 1999. He was responsible for governance in Asia and the group's global Risk and Special Assets Management functions. In this capacity, he led the bank’s Asian M&A activities and regulatory and governmental relationships and was also responsible for senior client coverage and talent management.
Prior to Standard Chartered, Mr. Nargolwala worked for Bank of America for 19 years in various senior management roles in Europe, the US and Asia including Group Executive Vice President and Head of the Asia Wholesale Banking Group, headquartered in Hong Kong. He previously practiced as a Chartered Accountant with Peat Marwick Mitchell & Co. in London. Mr. Nargolwala holds a Bachelors degree in Economics from the University of Delhi, India and is a Fellow of the Institute of Chartered Accountants in England and Wales.
Mr. Nargolwala is also a non-executive and the Lead Independent Director of Singapore Telecommunications Limited.
Source - Credit Suisse
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