HSBC hires Credit Suisse’s Hong Kong-based Christopher Chua to head its Asia M&A business
- Chua was named as managing director and deputy head of M&A for Asia-Pacific at Credit Suisse in September last year
- The Swiss bank is also exploring a sale of the Mandarin Oriental Savoy Zurich
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 could not immediately provide comment, while a spokesperson for HSBC did not 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 reorganisation of the firm’s investment-banking team in the region amid an effort to drive growth.
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 is 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.
Separately, Credit Suisse said it was exploring a sale of the Mandarin Oriental Savoy Zurich.
“Credit Suisse reviews its property portfolio on a regular basis as part of its global real-estate strategy,” according to Simone Meier, a bank spokeswoman. “As part of this process, the bank has decided to start a sales process for the Hotel Savoy building. We will carefully assess all offers and potential investors and communicate any decision in due course.”
The bank has been working with an adviser to solicit interest in the storied hotel, formerly known as the Savoy Hotel Baur en Ville, said people with knowledge of the matter, requesting anonymity discussing information that is not yet public. The hotel’s valuation could not immediately be learned.
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The news was first reported by Swiss finance blog Inside Paradeplatz, which also wrote that the hotel could be worth around 400 million Swiss francs (US$407.3 million).
The bank announced in 2020 that the hotel, opened almost two centuries ago by Austrian baker Johannes Baur, would undergo extensive renovations, closing its doors from early 2022 through mid-2024.
The hotel’s total number of rooms is set to shrink to 80 from 104, resulting in more spacious accommodation, Credit Suisse said at the time.
The bank said it was a “principal shareholder” of the building and called the renovation “a reflection of its commitment to Zurich as a location for five-star-plus hotels, as well as to the collection of historic buildings at Paradeplatz”.
