Credit Suisse hires StanChart's Nargolwala to head Asia-Pacific

Credit Suisse, the European investment bank, has poached Kai Nargolwala away from London-based lender Standard Chartered to head its Asia-Pacific unit.

Mr Nargolwala would take up duties as Asia-Pacific's chief executive on January 1, Credit Suisse said in a statement yesterday.

He replaces former regional head Paul Calello, who was promoted to head investment banking as chief executive in May. Mr Calello moved back to Europe to take up his new duties but will remain interim head of Asia-Pacific until January.

Mr Nargolwala headed Standard Chartered's global risk and special asset management unit. In that capacity he was responsible for mergers and acquisitions and government relationships.

'We think Kai's proven to be an extraordinary professional with regards to setting out strategic initiatives and executing them for Standard Chartered, which has been so successful in emerging markets and Asia,' Mr Calello said.

Mr Calello said Mr Nargolwala's work with Korea First Bank was one transaction in the region that attracted Credit Suisse's attention. Mr Nargolwala became a board member at Korea First Bank in the wake of Standard Chartered's US$3.25 billion acquisition of the bank in 2005.