The endless game of musical chairs at private banks in Asia claimed one of its most high profile scalps in August when Credit Suisse poached Marcel Kreis, southeast Asian head at arch-rival UBS, to run its entire Asian operation.
The hire is a major coup for Credit Suisse, since Kreis is a veteran UBS private banker and credited with driving the Swiss bank’s strong growth in southeast Asia.
“It’s a coup for Credit Suisse,” says an industry expert, “and it’s nice to see them giving UBS a kick in the nuts for a change.
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