HSBC hires Credit Suisse’s Chua for top Asia M&A role

Credit Suisse Group AG’s Christopher Chua is leaving the bank to help oversee the Asia mergers and acquisitions business at HSBC Holdings Plc, people with knowledge of the matter said.

Chua, a Hong Kong-based managing director and deputy head of M&A for Asia-Pacific at Credit Suisse, has resigned from the bank, according to the people, who asked not to be identified discussing confidential information.

A representative for Credit Suisse couldn’t immediately provide comment, while a spokesperson for HSBC didn’t respond to requests for comments. Chua declined to comment.

Chua was appointed to his role at the Swiss bank in September last year, adding to his job as Greater China head of M&A. The appointment at the time was part of a reorganization of the firm’s investment-banking team in the region amid an effort to drive growth.

Poaching

Credit Suisse has become a poaching ground for rivals in recent times, with the lender struggling to contain the fallout of a series of scandals and flagging performance. It’s due to unveil a strategic review this month that’s expected to include a large-scale investment-banking retreat.

Its wealth business in Asia has also been rocked by high-level departures recently, the latest being its deputy wealth management head for the region who is leaving after about two decades with the bank.

Read more: Credit Suisse Loses Asia Deputy Wealth Head as Exits Mount

HSBC, meanwhile, has been adding to its ranks of top dealmakers in Asia. Earlier this year, the UK lender hired Sandeep Pahwa from Barclays Plc for a senior role in South Asia. – BLOOMBERG