Credit Suisse hires PE investment banking head in Asia

Patrick No is named head of financial sponsors coverage in Asia Pacific as Credit Suisse beefs up its investment banking team in China as part of its efforts to restore profitable growth.

Credit Suisse has named Patrick No, a former JPMorgan executive director, head of financial sponsors coverage for its investment banking and capital markets (IBCM) business in Asia Pacific. No will join Credit Suisse’s financial sponsors team in Hong Kong, providing investment banking advisory services for private equity clients in the region.

Before joining Credit Suisse, No was an executive director with JPMorgan’s Investment Banking Financial Sponsors Group in Emerging Asia, responsible for covering pan-Asian private equity firms.

Credit Suisse was the financial advisor and lead underwriter for KKR’s $1.1 billion acquisition of Singapore-based logistics company Goodpack in May 2014. The investment bank also acted as a financial advisor to Indonesian conglomerate CT Corp’s partnership with Singaporean sovereign wealth fund GIC when the two firms invested approximately $383 million in Indonesian hypermarket retailer Trans Retail.

The Zurich-based investment bank is beefing up its business in Asia amid pressure from investors to restore profits after reporting a net loss for the second consecutive quarter. Credit Suisse posted a 302 million Swiss francs ($311 million; €281 million) loss in the first quarter of 2016 after reporting a loss of 5.83 billion Swiss francs in the fourth quarter of 2015.

Credit Suisse global chief Tidjane Thiam said in April that the bank will allocate resources to Asia even if rival investment banks are scaling back at present. Thiam added the bank would also build its wealth management capabilities in China despite slowing growth.

Alongside No’s appointment, Credit Suisse announced three other senior appointments in China as it bulks up in the region. Li Ping joins the bank as managing director in its Shanghai-based IBCM unit, Summer Xia will be managing director and chief representative in its IBCM Beijing business, and Ma Jie will join as director with Credit Suisse’s China onshore coverage team in Shanghai.

Xia has more than 16 years of experience in investment banking. Before joining Credit Suisse, she was a managing director in the investment banking division of China International Capital Corporation.

Both Li and Jie were with Deutsche Bank Beijing’s capital markets and treasury solutions group prior to joining Credit Suisse. Li was a co-head of corporate coverage, while Jie was a senior relationship manager.