Credit Suisse announced the appointments of Francois Monnet and Benjamin Cavalli to lead Private Banking Asia Pacific.

Monnet and Cavalli will continue to be based in Hong Kong and Singapore respectively, and will report to Helman Sitohang, chief executive Officer for Asia Pacific.

Monnet will take on the role of head of private banking North Asia, with Cavalli appointed as head of private banking South Asia. This new structure will enable closer proximity to clients, shorten decision-making lines, increase regional focus and continue to foster business collaboration across the bank's integrated private banking and investment banking platform.

These have been differentiating attributes for Credit Suisse which have led to industry leading growth in profits for wealth management & connected (WM&C), comprising private banking, advisory, underwriting & financing, since 2015. WM&C has continued to benefit from a strategic focus on target entrepreneur, corporate and ultra-high-net-worth clients, delivering adjusted pre-tax income of CHF 464 million in the first six months of 2018, up 15% year-on-year, and a strong adjusted return on regulatory capital of 31%.

Commenting on the appointments, Sitohang says, "In Francois and Benjamin, we have two proven leaders who have long standing track records of building market leading businesses who will propel wealth management in Asia Pacific to the next level by focusing on clients, teamwork and profitability. Francois and Benjamin will work in close collaboration to broaden our private banking franchise and identify opportunities to deliver a wide range of innovative solutions to our most important clients across the region."

Monnet joined Credit Suisse in 2007 as head of private banking Southeast Asia. Since January 2016, he has held the role of head of private banking Greater China, and is also the chief executive of Credit Suisse Hong Kong Branch. Under his leadership, the bank has capitalised on the synergies and business opportunities in Greater China as well as enhanced its interconnectivity with its core entrepreneur and ultra-high-net-worth clients.

Cavalli joined Credit Suisse in 2009 as head of private banking Singapore Market. He was appointed head of private banking Southeast Asia and head of Singapore Location in October 2014, and in January 2017 he also assumed the role of Singapore CEO. Under his leadership, Cavalli has driven profitable growth by capitalising on synergies across Credit Suisse's integrated platform and executing on its client strategy in Southeast Asia.

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