People Moves

Former Deutsche Bank Figure Takes Up Senior Indonesia Role At Credit Suisse.

Tom Burroughes Group Editor 24 June 2021


The Zurich-listed bank has hired a net 30 private bank RMs in Asia-Pacific. Like some of its Western rivals, Asia is an important growth field for the lender.

Credit Suisse has appointed former Deutsche Bank senior figure Malcolm Tay as deputy market group head and market leader for Indonesia, a newly-created role. 

Tay, who will be based in Singapore reporting to Johanes Oeni, market group head Indonesia, takes the role with effect from 1 September. 

With more than 30 years of wealth management experience, Tay joins from Deutsche Bank Wealth Management, where he worked for 18 years, most recently as group head for Southeast Asia. Previously, he served as a client relationship manager at Merrill Lynch. Before this role, Tay was with Citi Private Bank as co-head, Indonesia Onshore Private Bank, for 10 years.

Indonesia is an important growth market for Credit Suisse’s private banking business, according to a memo from the bank seen by this publication. The Zurich-listed bank said it wants to speed up the growth of its Indonesia franchise.

As reported in its first-quarter 2021 earnings, the bank said it has hired a net 30 private bank RMs in Asia-Pacific. It also recently promoted Dominique Boer as market group head of Singapore and Tammy Tan as team leader for the Thailand and Vietnam market, based in Singapore.

It has also brought in RMs including:

-- Arleen Sy has joined the Philippines market as a senior RM based in Hong Kong; 
-- Klara Chan has joined the private banking South Asia Switzerland team as a senior expert RM, based in Switzerland; 
-- Voragun Thunyasthukul has joined as a senior RM, based in Thailand; 
-- Patchai Suratwisit has joined as an RM, based in Thailand;
-- Vaidyanathan Narayanan has joined the India market as an RM, based in Singapore; and 
-- Rohit Narayanan has joined the India market as an RM, also based in Singapore.

In May, Credit Suisse made a number of senior private banking appointments in North Asia, including that of Keng Cheong Lock, who took up the post of market group head, private banking for Greater China Singapore. Keng Cheong Lock leads the Singapore-based team that covers the Greater China market. A banker with almost 20 years of wealth management experience, Keng Cheong Lock joined the Swiss bank in 2007.    

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