Company briefs: KKR & Co; Credit Suisse; Shopee

Shopee
ShopeePHOTO: REUTERS

KKR & Co 

Mr Terence Lee, KKR & Co's managing director for the Asia-Pacific, has resigned from the buyout firm after 10 years, according to sources with knowledge of the matter.

Mr Lee, who is based in Singapore, led the firm's technology, media and telecommunications private equity and growth equity investments in South-east Asia.

Following his departure, he has also stepped down from the boards of companies where he represented KKR, said one of the sources, who asked not to be named as the information is private.

BLOOMBERG


Credit Suisse 

Credit Suisse yesterday posted a 22 per cent fall in 2020 net profit as a 757 million Swiss franc (S$1.12 billion) hit from legal charges placed Switzerland's second-largest lender in the red for the final three months of the year.

The bank posted a 353 million franc net loss for the fourth quarter.

Factoring out one-off gains that boosted results in 2019 and set it back last year, the bank said it would have seen a 6 per cent pre-tax profit gain for the year.

REUTERS


Shopee

Indonesia's Financial Services Authority (OJK) said yesterday that Sea Group's e-commerce arm Shopee has acquired local lender Bank Kesejahteraan Ekonomi (Bank BKE) with the aim of transforming it into a digital bank.

OJK official Anung Herlianto said Shopee, South-east Asia's largest e-commerce platform, has yet to make an official application to turn Bank BKE into a digital institution but they are "currently preparing the infrastructure to do so".

REUTERS

A version of this article appeared in the print edition of The Straits Times on February 19, 2021, with the headline 'Company briefs '. Subscribe