Credit Suisse Said to Hire BofA’s Tan for Asia Financial Banking
Credit Suisse (CSGN) Group AG hired Michael Tan from Bank of America Corp. (BAC) to run its financial-institutions investment banking team in the Asia-Pacific region, said people with knowledge of the matter.
Tan will start at Credit Suisse in December and be based in Hong Kong, one of the people said, asking not to be identified because the hiring is confidential. He held the same position at Charlotte, North Carolina-based Bank of America.
Bank of America ranks first in advising on banking and insurance mergers in the region this year after working with Mitsubishi UFJ Financial Group Inc. on its $5.7 billion purchase of a majority stake in Thailand’s Bank of Ayudhya Pcl, data compiled by Bloomberg show. Credit Suisse is 35th in such deals in 2013, the data show.
Bank of America also acted for Sun Life Financial Inc. and Khazanah Nasional Bhd. in their acquisition of the Malaysian insurance venture between Aviva Plc and CIMB Group Holdings Bhd. for about $600 million, announced in January.
Simon Yuan will remain as head of China financial institutions at Zurich-based Credit Suisse, one of the people said. The bank in May named Danny Chung and Peter Yeung as co-chiefs of financial coverage for the rest of Asia-Pacific. Yeung has left the firm, the person said.
Spokesmen for Bank of America and Credit Suisse declined to comment on Tan’s move.
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