Credit Suisse’s Top Latin America Banker Leaving for Fund
Credit Suisse Group AG’s Pedro Chomnalez, who oversees investment banking in Latin America, plans to leave the firm to start an investment company.
Chomnalez, who worked at Credit Suisse for 13 years, said in an interview today from New York that he is leaving to help start a company called CG Capital, which will make private equity investments in emerging markets. He doesn’t have a confirmed last day and will be transitioning out of his roles with the company. The 48-year-old banker has been running Credit Suisse (CSGN)’s Latin America Group since 2004.
His new firm “will have a focus on private equity, without the focus of the typical funds that have to force themselves to exit in five years -- or to force the company to do an IPO or anything like that,” Chomnalez said by phone. “Emerging markets in general are doing very, very well. Entrepreneurs in that part of the world have an optimistic outlook for the future. That’s the core of the message.”
CG Capital will try to create “value in the long term,” Chomnalez said. Initial investors include families in Latin America and some in Europe, and the firm will do business with Credit Suisse, he said.
Drew Benson, a spokesman at Credit Suisse, confirmed Chomnalez is leaving the firm.
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