HONG KONG (Reuters) – Credit Suisse’s (CSGN.VX) head of Asia Pacific investment banking is leaving the bank, sources said on Tuesday, the second major departure in a week of a top banker at a large Western financial institution in Asia.
Paul Raphael will leave Credit Suisse but will be involved in helping his internal replacements take up their new roles, one source said. An internal memo said that Raphael plans to pursue new opportunities.
Vikram Malhotra, head of the Swiss bank’s global market solutions group, and Helman Sitohang, Indonesia country head, will be appointed co-heads of Credit Suisse’s Asia Pacific investment banking business, the sources said.
Credit Suisse declined to comment.
In May 2007, Raphael transferred from Credit Suisse in Europe to take on the bank’s lead investment banking role for Asia, excluding Japan.
Raphael was previously co-head of the global markets solutions group in Europe. That group includes equity capital markets, debt capital markets and other divisions.
Western investment banks are under major pressure in Asia, as the region has been hard hit by the credit crisis and global economic slowdown.
Last Tuesday, the UBS AG (UBSN.VX) head of Asia Pacific investment banking, Robert Rankin, resigned. He had been in that role since 2003.
(Reporting by Michael Flaherty, Editing by Tony Munroe and Elaine Hardcastle)