Credit Suisse eyes China private banking

HONG KONG • Credit Suisse has hired former RBS banker Rick Meng as head of China onshore private banking, according to an internal memo, as the Swiss private bank looks to tap the wealth management business in the world's No. 2 economy.

Mr Meng's hiring is part of Credit Suisse's strategy to develop the China onshore wealth management business by leveraging its Shanghai branch, said the memo issued yesterday.

With the move, Credit Suisse will compete with Goldman Sachs and UBS on advising wealthy clients in the local market. Others like Standard Chartered and the private banking unit of OCBC have also said they would consider starting onshore wealth management in China.

REUTERS

Richard Li set to buy AIG's Fuji Life business

NEW YORK • Hong Kong tycoon Richard Li is poised to buy American International Group's Fuji Life Insurance business, a deal that marks his FWD Group's first foray into Japanese insurance.

AIG will continue to offer property casualty coverage in Japan, the firm said on Monday in a statement. The deal marks FWD's entry into Japan since its 2013 founding, the statement added. The purchase by Mr Li, the son of billionaire Li Ka Shing, expands an insurance business that operates in Hong Kong, Macau, Singapore and South-east Asia, and boasts over 1.2 million clients.

BLOOMBERG