Claudio de Sanctis will join Credit Suisse as Southeast Asia market area head for private banking, as of April 1.
He will be based in Singapore, reporting to Francesco de Ferrari, Asia-Pacific head of private banking. Tee Fong Seng, vice-chairman for private banking in Asia-Pacific, has been covering the role for the past year.
“Tee’s leadership of this important and fast-growing sub-region in the past year has contributed to its significant success and growth,” said a spokesperson.
De Sanctis was most recently market head for Iberia and Nordics at UBS Wealth Management Europe. Before UBS, he was head of the key clients unit for Europe at Barclays private bank, focusing on ultra-high-net-worth clients, and had also worked at Merrill Lynch Private Wealth Management for Europe, the Middle East and Africa regions.
In a statement, de Ferrari said: “[De Sanctis] has substantial management and leadership experience in international wealth management. This senior appointment demonstrates Credit Suisse’s continued strong commitment to its leading private banking franchise in this important and fast-growing market area. With the additional leadership from [De Sanctis], we are in a very strong position to further harness the enormous synergies across this integrated economic area.”
Meanwhile, Tee will focus on providing senior client coverage and support for ultra-high-net-worth and key clients, said the spokesperson. She added: “He will also focus on recruiting senior private banking talent for our business and providing them valuable support and mentoring, while representing Credit Suisse Private Banking Asia-Pacific in our interaction with regulators and industry bodies in Singapore.”