A new chief executive is taking over at Credit Suisse's philanthropic foundation in Asia.

Credit Suisse has given Young Jin Yee the additional role of chief executive of its philanthropic foundation, SymAsia.

Young, who also serves as market group head for Singapore, is taking over from Benjamin Cavalli, who has held the role since 2014. Cavalli has decided to step down to focus on his additional responsibilities as Singapore CEO, the bank told this publication. 

Cavalli is Credit Suisse’s Singapore CEO, as well as head of private banking for Southeast Asia, and head of Singapore Location for Private Banking.

SymAsia enables the bank’s clients in Asia to establish their own personal or corporate foundations with administration and grant execution support.

To date, some $80 million has been put into over 30 client foundations under the SymAsia umbrella, of which around $40 million has been donated to over 300 charitable organisations globally.