Ronan Agnew has resigned from Credit Suisse as the bank’s head of financial sponsors coverage in the Asia Pacific region, according to a source.
Agnew had relocated to Hong Kong in May 2008. He was previously based in London as co-head of Credit Suisse’s European financial sponsors group, alongside Didier Denat.
Credit Suisse directors Toby Groser and Ben Ngai will replace Agnew as co-heads. They will report to Joseph Gallagher, the bank’s head of M&A in Asia Pacific.
Agnew had previously reported to Paul Raphael, the head of investment banking for Asia Pacific (except Japan), and Harold Bogle, global head of financial sponsors coverage at the bank.
With Agnew’s departure, the Hong Kong-based financial sponsors group will have six members, including Groser and Ngai and will function more like an M&A advisory unit, in light of the financial crisis, the source said.
Asia-based bankers have suffered fallout from the credit crisis and economic downturn, with resignations and redundancies proliferating. Most recently, HSBC reportedly had David Simons, head of leverage and acquisition finance for Asia Pacific, resign, according to Reuters. He had joined HSBC from Credit Suisse in 2007, where he was previously head of leverage finance for Asia (except Japan).
A Credit Suisse spokesman declined to comment. HSBC could not be reached at press time.