UBS names ex-Credit Suisse manager Janice Hu as China vice-chair
Swiss bank UBS Group has named Janice Hu, the former China chief of Credit Suisse, as vice-chair of its mainland Chinese securities venture.
Hu is the first vice-chair of UBS Securities, a newly created position at the Beijing-based investment bank and brokerage unit majority owned by UBS, according to Caixin.
Hu, the Credit Suisse veteran for more than 20 years, took up her role on Thursday, according to a UBS statement. During her tenure with Credit Suisse, she led many landmark transactions in addition to leading and managing the bank's growth strategy and business, the statement added.
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The move comes as UBS is in the process of selling the China securities venture of Credit Suisse, following the takeover of its Swiss rival.
UBS last month agreed to sell a majority stake in the loss-making Credit Suisse Securities (China) to state-backed fund Beijing State-owned Assets Management Co. Ken Griffin's Citadel Securities too was interested in acquiring the stake, thwarting the Miami-based asset manager's ambitions to expand in the world's second-largest economy.
The logo of Credit Suisse is seen in Zurich, Switzerland. Photo: Keystone via AP alt=The logo of Credit Suisse is seen in Zurich, Switzerland. Photo: Keystone via AP>
Under the deal, the Swiss lender will sell a 36.01 per cent holding in the loss-making Credit Suisse Securities (China), valued at US$253.4 million, for US$91.4 million. Joint venture partner Founder Securities will dispose of its entire 49 per cent stake in the firm for US$124 million.
That will give Beijing State-owned Assets Management an 85.01 per cent majority stake, according to a statement. UBS will retain 15 per cent after the sale, confirming an earlier report by Bloomberg News.
Over the past year, Hu had a major role in consolidating and integrating Credit Suisse's Chinese business into UBS, working with UBS's securities management team to achieve the goal.
Hu is the granddaughter of former Chinese Communist Party Secretary General Hu Yaobang. Her role with UBS had been under discussion since UBS's takeover of Credit Suisse.
During her tenure at Credit Suisse, she first served as investment banking director and was then promoted to vice chair and chief executive officer. She also served as chairwoman of Credit Suisse Securities (China).
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