January 22, 2018 / 4:02 AM / in 3 months

UPDATE 1-Credit Suisse names new heads of Asia investment banking, Greater China

* Zeth Hung and Carsten Stoehr to replace senior banker Chow

* Hung named co-head APAC investment banking, capital markets

* Stoehr adds the role of Greater China chief executive (Adds details from Credit Suisse statement)

HONG KONG, Jan 22 (Reuters) - Credit Suisse named two senior executives of the bank on Monday to replace departing senior banker Mervyn Chow as its Greater China chief executive and co-head of Asia Pacific investment banking and capital markets.

Chow, who is leaving Credit Suisse after nearly two decades, has held various senior positions and was responsible for key client coverage at the bank. He is leaving the bank to pursue other opportunities, the Swiss bank said in a statement on Monday, confirming a Reuters story of last week.

In October, Chow was named CEO for Greater China to lead the bank’s strategy across its private banking and investment banking platform.

The veteran dealmaker’s exit from Credit Suisse comes at a time when capital markets and M&A activities in Asia Pacific, mainly in China, are set to pick up this year, amid intensifying competition among investment banks.

Zeth Hung will take over the responsibility of Asia Pacific co-head of investment banking and capital markets, while Carsten Stoehr will become the chief executive for Greater China, which includes Hong Kong, Credit Suisse said.

Hung was earlier heading the bank’s Greater China investment banking and capital markets business. Stoehr will retain current roles as head of the Asia Pacific financing group and chairman of the board of the bank’s Hong Kong and local securities units.

Both Hung and Stoehr will report to Helman Sitohang, Credit Suisse’s Asia Pacific chief executive.

Credit Suisse ranked sixth in the Asia Pacific (excluding Japan) M&A fee ranking league table in 2017, lagging its global peers including Morgan Stanley, Goldman Sachs, and UBS, according to Thomson Reuters data.

In the equity capital markets (ECM) business, which includes initial public offerings, the Swiss bank was ranked ninth in the bookrunners’ league table last year, up from 15th in the previous year, the data showed. (Reporting by Sumeet Chatterjee; Editing by Malcolm Foster and Muralikumar Anantharaman)

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