(Adds details on Asia markets business’ performance)
HONG KONG, April 11 (Reuters) - Credit Suisse Group AG on Thursday named veteran banker Yves-Alain Sommerhalder as head of its newly-created Asia Pacific trading solutions business, which seeks to use market expertise to sell products to wealth management clients.
The launch of Asia trading solutions comes nearly two years after Credit Suisse set up international trading solutions that brings in elements of the bank’s markets activities as well as its international wealth management and Swiss banking arms.
As Asia trading solutions unit head, Sommerhalder, who will retain his role as co-head of international trading solutions, will oversee the Asia Pacific markets business and the regional financing group activities, Credit Suisse said in a statement.
Credit Suisse’s markets business was profitable in 2018 on an adjusted basis, and is expected to break-even in the first quarter despite “very challenging market conditions,” it said, citing estimates and management expectations.
The bank is due to report its first quarter results on April 24. Sommerhalder, who joined the Swiss bank in 2002, has worked previously in senior positions in the bank’s sales and trading businesses. He is a member of the management committee for the global markets and international wealth management units. (Reporting by Sumeet Chatterjee; Editing by Rashmi Aich)