Credit Suisse Private Bank Francois Monnet to Retire, Benjamin Cavalli Appointed Head of Wealth Management APAC
18th November 2021 | Singapore
Credit Suisse has announced the retirement of Francois Monnet (Head of Private Banking North Asia and Chief Executive of Credit Suisse Hong Kong) on 31st December 2021 after a distinguished 14 years career, the appointment of Benjamin Cavalli (Head of Private Banking South Asia, Singapore CEO and APAC Sustainability Leader) as Head of Wealth Management Asia-Pacific and Jinyee Young (Market Group Head for Private Bank Singapore, Malaysia and South Asia Switzerland) as Deputy Head of Wealth Management Asia-Pacific. The announcement by Credit Suisse CEO Asia-Pacific Helman Sitohang also included the appointment of Chien Chien Wong as Chief Executive Officer for Credit Suisse Singapore, in addition to her current role as the Chief Operating Officer, Asia-Pacific (Chien Chien Wong is Credit Suisse first-ever female appointed as CEO in Singapore). All appointments will be effective from 1st January 2022, subject to regulatory approvals.
“ Credit Suisse Private Bank Francois Monnet to Retire, Benjamin Cavalli Appointed Head of Wealth Management APAC “
Francois Monnet – A Distinguished 14 Years Career at Credit Suisse
Earlier in 2021 after a distinguished 14-year career with Credit Suisse, Francois Monnet, who is the Head of Private Banking (PB) North Asia and Chief Executive for Credit Suisse Hong Kong Branch, has informed the bank of his decision to retire with effect from December 31, 2021.
Francois Monnet has made a significant contribution to Credit Suisse as a business builder and passionate leader. Under his leadership, Credit Suisse is well established as a top 3 global franchise in Private Banking Asia Pacific (APAC), notably in North Asia where the bank has achieved five consecutive years of double-digit revenue growth and our Assets under Management have doubled since 2016. Additionally, each individual market under Francois’ remit – China, Hong Kong, Taiwan, Japan – has been recognized with a Best Private Bank award.
Francois also pioneered Credit Suisse’s Digital Private Bank in APAC, elevating our clients’ digital banking experience and achieving many industry-wide recognitions in technology and innovation.
Benjamin Cavalli, New Credit Suisse Head of Wealth Management Asia-Pacific
Benjamin Cavalli, who is currently Head of Private Banking (PB) South Asia, Singapore CEO and APAC Sustainability Leader, has been appointed Credit Suisse Head of Wealth Management Asia Pacific. Benjamin Cavalli has over 25 years of Investment Banking and Wealth Management experience, joining Credit Suisse in 2009 as Head of Private Bank Singapore Market and was appointed Head of Private Bank Southeast Asia and Head of Singapore in 2014.
Benjamin has played a key role in asset growth for the bank’s business, leveraging collaboration opportunities and driving profitable business growth in Southeast Asia. In 2018, he was appointed Head of Private Bank South Asia, and has been instrumental in driving Credit Suisse’s highly successful client-focused strategy, working closely with the relevant business leads and Country CEOs to broaden its private banking franchise onshore and offshore, and identify opportunities to deliver a wide range of innovative solutions to clients.
With his appointment as Head of Wealth Management Asia Pacific, Benjamin Cavalli will relinquish his responsibilities as Singapore CEO and will take on the Chief Executive responsibilities for Credit Suisse Hong Kong Branch, based in Hong Kong, subject to regulatory approval. He will continue to act as APAC Sustainability Leader, representing the region in one of the bank’s most important focus areas.
Jinyee Young, New Credit Suisse Deputy Head of Wealth Management Asia-Pacific
Jinyee Young, who is the current Market Group Head for PB Singapore, Malaysia and South Asia Switzerland, has been appointed as Deputy Head of Wealth Management Asia Pacific, subject to regulatory approval, and reporting to Benjamin. From her base in Singapore, she will work in close partnership with Benjamin to accelerate growth in Wealth Management in Asia Pacific (APAC). Jinyee will also join the bank’s key governance committees, including joining the APAC Operating Committee as the bank’s third female member after Chien Chien Wong (COO APAC) and Janice Hu (CEO China). Jin Yee is also the first ever female leader in a senior Private Banking role to be joining the bank’s APAC Operating Commitee.
Jinyee, Market Group Head for PB Singapore, Malaysia and South Asia Switzerland – a Zurich-based team serving clients in South Asia, has over 25 years of wealth management experience, 18 of which have been with Credit Suisse. Jinyee has deep knowledge of the Asian markets, and extensive expertise covering ultra-high-net-worth (UHNW) clients across Singapore, Malaysia, Indonesia, Greater China and Japan. Since 2015, she has been responsible for the growth of Credit Suisse’s PB Singapore domestic franchise, providing solutions to HNW and UHNW individuals and corporate clients. In 2018, Jinyee took on an expanded role, overseeing the Malaysia market. In 2020, she was given further responsibilities managing the South Asia Switzerland team, focusing on driving momentum in the Direct Relationship business and the Zurich booking center for APAC. Jinyee is also CEO of Credit Suisse AG’s SymAsia Foundation, which supports clients with their philanthropic needs and promotes philanthropy in Asia.
Chien Chien Wong, Credit Suisse CEO Singapore
Chien Chien Wong has been appointed CEO Singapore (the bank’s first female CEO in Singapore), subject to regulatory approval, following Benjamin Cavalli’s appointment as Head of Wealth Management Asia Pacific (APAC). This role is in addition to her current role as the Chief Operating Officer (COO), APAC. As Singapore CEO, Chien Chien will work closely with business and corporate function leaders to deliver the integrated model across Credit Suisse’s legal entities in Singapore. Her responsibilities include enhancing the bank’s market presence, promoting collaboration for client solutions and business opportunities, driving strategy execution, strengthening people leadership, ensuring a strong country governance framework and risk culture, and managing key regulatory relationships.
Chien Chien is one of Credit Suisse’s most accomplished leaders in APAC. A long-term veteran of the bank, she joined Credit Suisse First Boston in 1992 and has since held management roles in Internal Audit, Legal & Compliance, as well as COO responsibilities across Investment Banking and Private Banking in Singapore, Hong Kong and New York. She has a deep understanding of the business and the front-to-back operating platform, with strong execution capabilities. She has a successful track record of driving key franchise developments and new business initiatives. These include the establishment of a number of bank branches and broker dealers in APAC as well as in emerging markets in other regions to meet business growth and regulatory requirements.
As one of Credit Suisse’s main strategic booking centers for its Wealth Management, Asset Management and Investment Bank businesses globally, Singapore will continue to play a critical role in the bank’s growth strategy. Credit Suisse’s investment in APAC across talent, technology and digital transformation and a strong Environmental, Social and Governance (ESG) focus will augment the bank’s strength in Singapore.
Helman Sitohang, Credit Suisse CEO Asia Pacific:
“As we pivot to faster growth in Asia Pacifc, with Wealth Management at the core of our success, the appointments of Benjamin, Jinyee and Chien Chien are a testament to our deep bench of talent and our commitment to build on the unique strengths of our integrated bank model. I am especially delighted that these appointments demonstrate our strong focus on diversity and inclusion, which is at the heart of our culture at Credit Suisse.”
- Credit Suisse Private Bank Francois Monnet to Retire, Benjamin Cavalli Appointed Head of Wealth Management APAC
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