Credit Suisse hires Southeast Asia wealth vice chairman

Sydney, March 23 (Reuters) – Credit Suisse (CSGN.S) said on Thursday it has hired private banker Kwong Kin Mun as its new vice chairman for Southeast Asia wealth management.The embattled bank is being bought by rival UBS Group (UBSG.S) for 3 billion Swiss francs ($3.27 billion) in a deal engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.Swiss regulators said it was necessary authorities took action as there was a risk Credit Suisse could have become “illiquid, even if it remained solvent” after a tumultuous period in which the share price tanked and deposits fell sharply. …
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