Credit Suisse Appoints Private Banking Leader Kwong Kin Mun as Vice Chairman of Southeast Asia & Wealth Management APAC, with the Merger of 2 Global Leaders in Wealth Management UBS & Credit Suisse to Create Enormous Potential for Clients and Private Bankers
23rd March 2023 | Singapore
Credit Suisse has appointed Kwong Kin Mun as the new Credit Suisse Vice Chairman of Southeast Asia & Wealth Management APAC, with the merger of 2 global leaders in Wealth Management (UBS & Credit Suisse) to create enormous potential for clients and private bankers. Kwong Kin Mun is a veteran private banking leader (17 years), with 11 years at Deutsche Bank (Southeast Asia Head) and 6 years at DBS (South Asia Private Banking Head). Credit Suisse Kwong Kin Mun: “Iron sharpens iron. The sparks from the merger of 2 global leaders in wealth management will create enormous potential for clients and private bankers. With questions on financial security out of the way, I look forward to working with a dedicated and experienced team of bankers to stabilize and grow the business as we move towards integration.” UBS: “Now in Asia Pacific specifically with our strength in Hong Kong, Singapore and China. That will now be complemented by Credit Suisse’s leading position in Southeast Asia. Which part of our strategy was focused on. And basically we can accelerate our organic strategy here with inorganic opportunity, because that’s the strength of Credit Suisse.” See below on UBS & Credit Suisse.
“ Credit Suisse Appoints Kwong Kin Mun as Vice Chairman of Southeast Asia & Wealth Management APAC, with the Merger of 2 Global Leaders in Wealth Management UBS & Credit Suisse to Create Enormous Potential for Clients and Private Bankers “
Credit Suisse Appoints Private Banking Leader Kwong Kin Mun as Vice Chairman of Southeast Asia & Wealth Management APAC
Credit Suisse has appointed Kwong Kin Mun as the new Credit Suisse Vice Chairman of Southeast Asia & Wealth Management APAC, with the merger of 2 global leaders in Wealth Management (UBS & Credit Suisse) to create enormous potential for clients and private bankers.
Kwong Kin Mun is a veteran private banking leader (17 years), with 11 years at Deutsche Bank (Southeast Asia Head) and 6 years at DBS (South Asia Private Banking Head).
UBS to Acquire 167-Year-Old Credit Suisse for $3.24 Billion with $5.4 Billion in Losses Guaranteed, UBS Bailout in 2008 by Swiss Government with CHF 20 Billion Losses
On 19th March 2023, UBS (the largest bank in Switzerland) has announced to acquire 167-year-old Credit Suisse for $3.24 billion (transaction to close end 2023) with $5.4 billion in losses guaranteed by Swiss Government in the latest casualty of the 2023 Banking Crisis (Silicon Valley & Signature Bank, First Republic Bank averted a collapse). Over the last 3 years, Credit Suisse had been hit with numerous lawsuits and losses, including from $120 billion Archegos family office, $10 billion Greensill supply-chain fund and ongoing billion-dollar lawsuit by former Georgia Prime Minister Bidzina Ivanishvili for losing $1.27 billion & failing to safeguard his investments. 15 years ago in 2008, UBS was bailout by the Swiss Government ($6.1 billion, $66 billion in guarantee for bad securities) after recording CHF 20 billion losses (United States Subprime – Real Estate funds & derivatives), and subsequently investigated by United States authorities for helping American clients to evade tax. Read: UBS to Acquire 167-Year-Old Credit Suisse for $3.24 Billion with $5.4 Billion in Losses Guaranteed, UBS Bailout in 2008 by Swiss Government with CHF 20 Billion Losses
Key Facts: On 19th March 2023 (Sunday), the Swiss Federal Department of Finance, the Swiss National Bank and FINMA have asked Credit Suisse and UBS to enter into the merger agreement. UBS will be the surviving entity upon closing of the merger transaction. All shareholders of Credit Suisse will receive 1 share in UBS for 22.48 shares in Credit Suisse as merger consideration. This exchange ratio reflects a merger consideration of CHF 3 billion for all shares in Credit Suisse. Credit Suisse’s Additional Tier 1 Capital (deriving from the issuance of Tier 1 Capital Notes) in the aggregate nominal amount of approximately CHF 16 billion will be written off to zero. For the purpose of a seamless integration of Credit Suisse into UBS, UBS is expected to appoint key personnel to Credit Suisse as soon as legally possible. The merger is expected to be consummated by end of 2023. Colm Kelleher will be Chairman and Ralph Hamers will be Group CEO of the combined entity.
Swiss Emergency Ordinance: In consideration of the unique circumstances affecting the Swiss economy as a whole, the Swiss Federal Council is issuing an emergency ordinance (Notverordnung) tailored to this particular transaction. Most importantly, the merger will be implemented without the otherwise necessary approval of the shareholders of UBS and Credit Suisse to enhance deal certainty.
Credit Suisse
Credit Suisse is one of the world’s leading financial services providers. The bank’s strategy builds on its core strengths: its position as a leading wealth manager, its specialist investment banking and asset management capabilities and its strong presence in its home market of Switzerland. Credit Suisse seeks to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. The bank employs more than 50,000 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
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