UBS moves to retain more than 100 Credit Suisse investment bankers in Asia

HONG KONG – UBS Group is looking to retain more than 100 Credit Suisse Group senior dealmakers across Asia, seeking to shore up talent in markets where its Swiss rival has stronger presence, according to people familiar with the matter.

The bank is in advanced discussions to keep dozens of Credit Suisse’s investment bankers in the region – from South Korea, Thailand, Vietnam to India –and proposing compensation targets for a group of managing directors, the people said.

Among the people targeted to stay on is Mr Allan Chu, Asia-Pacific head of telecommunication, media and technology, as well as various country heads in South Korea and some of the South-east Asian markets, according to the people.

UBS will also retain a considerable number of bankers in India, where the merger will enable it to rebuild its presence after it shut down the local team in late 2021.

The retention target of more than 100 bankers does not include China, where the two banks have considerable overlaps.

In mainland China, UBS has held talks with Ms Janice Hu, Credit Suisse’s country chief executive officer, and a few other senior bankers, the people said. Ms Hu’s role is still being discussed.

The final number of China bankers being kept will depend on discussions with regulators, they added.

Media representatives at UBS in Hong Kong and Credit Suisse in Singapore declined to comment.

Ms Hu and Mr Chu did not respond to requests for comment.

UBS is making a global push to boost its technology banking reach, and is prepared to tap bankers focusing on general industries dealmaking, the people said.

The offers will not come into effect until after the merger is completed, the people added.

The Swiss lenders are in the final stages of completing

a combination orchestrated by the government in March

as Credit Suisse was teetering on the edge of collapse.

It is unclear how many Credit Suisse bankers will stay in the end as some may opt to join rivals.

UBS will conduct more formal on-boarding processes after gaining access to details on deals and clients at Credit Suisse, according to the people.

UBS had said it expected the US$3.2 billion (S$4.3 billion) merger to close at the end of May at the earliest, though that timetable has been pushed into June.

It has created global integration committees spanning the wealth, asset management, and investment bank divisions.

UBS may delay releasing its second-quarter results until end-August when it could also provide an update on its plans for Credit Suisse’s local business, the Swiss Universal Bank, the Financial Times reported.

UBS is due to report its earnings on July 25, but complexities include unfinalised details of government support in the emergency takeover and different accounting systems of the two banks, the paper said, citing people it did not identify. BLOOMBERG