Osama Abbasi to become new Asia-Pacific CEO at Credit Suisse

Osama Abbasi will become the new Asia-Pacific CEO at Credit Suisse on October 1, taking over from Kai Nargolwala who will assume the role of non-executive chairman, the bank announced yesterday. Abbasi is currently head of equities in the region and, as such, has been at the forefront of the bank’s successful shift to a more client-focused strategy over the past couple of years. He has been with Credit Suisse since 1996 when he joined a former derivatives subsidiary in the US.

By comparison, Nargolwala joined Credit Suisse less than three years ago, in January 2008, after 10 years with Standard Chartered, and the fact that he is stepping down from the day-to-day running of the bank so soon does come as a bit of a surprise. However, his time at the Swiss bank has been heavily marked by the worst financial crisis in a century and, having worked hard both to steer the bank through that and to put in place a framework for its expansion in the region, the return of a more normal market environment may be the perfect time to hand over the helm to someone who can now make use of that framework to ensure the growth continues.

“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,” Hans-Ulrich Doerig, chairman of Credit Suisse Group, said in a written comment.

Nargolwala’s new role will entail providing counsel and guidance to the senior Credit Suisse management in the region, including Abbasi, with a focus on strategy and senior client relationships.

“Credit Suisse is on track to continue growing as a well capitalised, globally integrated bank,” added Brady Dougan, Credit Suisse CEO. “We are confident that these appointments in Asia-Pacific will help to further accelerate the implementation of our client-focused, capital-efficient strategy.”