This will be the first time that the bank will bring together the secondary side of its equities and fixed income businesses under one head in this region and follows the hiring of Mike Ryan as the bankÆs New York-based head of global securities about six months ago. Sources say the creation of this new layer is to better capture the synergies between the two asset classes.
Heads of products and countries in the region will all report to Abbasi in addition to their existing global product reporting lines. He will also work closely with the heads of other divisions, including investment banking, private banking and asset management with the aim of identifying and capturing new opportunities for the bank across products in the Asia-Pacific region.
In an internal announcement, Credit Suisse noted that Asia presents ôtremendous opportunitiesö for global securities and for the bank and it plans to devote significant resources as well as leadership focus to achieve both growth and a strong market position in this region.
ôThe establishment of a coordinated strategy, a clear organisational structure and an empowered leadership for global securities will be a key aspect for attracting the best talent in the region, for growing our business footprint and for aligning the bankÆs product and service offering to key corporate and investing clients in Asia,ö the announcement says.
Abbasi will assume his new role in early April and will transfer to Hong Kong from London where he is currently head of structured derivatives and of fixed income coverage for Europe, the Middle East and Africa (EMEA). He will report to Mike Ryan in New York as well as to Kai Nargolwala, the bankÆs Hong Kongûbased CEO for Asia-Pacific.
He will also join Credit SuisseÆs global securities operating committee and the Asia-Pacific CEO management committee.
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