What’s New: Credit Suisse Founder Securities Ltd. (CSFS), a 51%-owned venture of Credit Suisse, launched a major management shakeup by bringing more veterans from the Swiss banking giant to fill top positions.
CSFS named Tu Lei, managing director of Credit Suisse’s Asia Pacific financing group in Hong Kong, to replace Wang Mingsheng as its new general manager. Wang will become the Beijing-based company’s vice chairman. Qiu Ruofei, a Credit Suisse veteran, will head the CSFS investment banking and capital market department.
Background: The management reshuffle came shortly after Credit Suisse increased its stake in the China venture from 33.3% to a controlling 51% in April under China’s new policy to ease controls on foreign ownership. China’s Founder Securities Co. Ltd. holds the remaining stake.
The personnel changes reflect Credit Suisse’s moves to expand its control over the China venture. The Swiss Bank told Reuters earlier this month that it plans to take 100% ownership of the business. Caixin learned that Credit Suisse is considering renaming CSFS to Credit Suisse Securities.
In June, Janice Hu, vice president of Credit Suisse China, took the helm as CSFS chairwoman from Gao Li, chief executive of Founder Securities. Meanwhile, Wang replaced Gao as the venture’s legal representative.
Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bobsimison@caixin.com)
Related: Credit Suisse Seeks Major Revamp of Chinese Securities Venture, Sources Say
