Credit Suisse has made Danny Chung and Peter Yeung joint heads of its Asian (non-China) financial institutions group coverage with immediate effect.
They take over the role from Nicolo Salsano, who, after just two years in the region, moved back to Europe to become head of the German and Austrian investment banking department.
Chung and Yeung are both based in Hong Kong, and will report regionally to Joe Gallagher, Asia Pacific head of M&A. Simon Yuan continues to lead the bank’s financial institutions business in China.
Chung has focused on the financial institutions sector since he joined Credit Suisse in 2005. In 2009, he transferred from New York to Hong Kong, covering pan-Asian insurance and Korean financial institutions within the Asia Pacific financial institutions group. His transaction experience includes the initial public offerings of Hanwha Life and Tong Yang Life, and Lone Star’s sale of its stake in KEB to Hana Financial.
Yeung joined Credit Suisse’s Asia-Pacific financial institutions group in 2007. He concentrates on Hong Kong-based financial institutions and the pan-Asian banking sector, excluding Korea and mainland China. His recent deals include the AIA IPO and subsequent selldowns by AIG, and the acquisition of Shenzhen Development Bank by Ping An Bank.
These appointments will further strengthen Credit Suisse’s Asia ex-Japan financial institutions franchise, according to a spokesperson.
Last November, Credit Suisse announced a restructuring of its global investment banking business, aligning it more closely with the Swiss bank’s merged asset management and private banking businesses.
Several top management changes took place as a result of the transformation. One beneficiary was Helman Sitohang, who was made head of the investment bank for Asia Pacific, in addition to his position as chief executive for Southeast Asia.