The C-suite executive remains at Credit Suisse, the bank stated. Tim Tu has been CEO of its China JV since July 2020.

Tim Tu, who has been the chief executive for Credit Suisse’s China joint venture, is stepping down to follow other opportunities inside the Swiss banking group, it confirmed to this news service. 

Tu has been CEO of Credit Suisse Securities China Limited (CSSCL) since July 2020 after the bank obtained a 51 per cent stake in the securities joint venture.

The JV, which was founded in 2008, is based in Beijing.

In the meantime, Daniel Qiu has been appointed interim CEO of CSSCL with immediate effect. 

“He [Tu] has been instrumental in leading and managing the joint venture's overall strategy and business operations, including integrating CSSCL into the Credit Suisse framework,” the bank told this news service in an emailed statement. “During his tenure, Tim has made a significant contribution to materially improving the securities joint venture’s financial performance. CSSCL also achieved an A rating in the China Securities Regulatory Commission’s (CSRC) 2020 annual assessment.”

Qiu is assuming this role alongside his existing responsibilities as head of investment banking and capital markets (IBCM) at CSSCL, which he has held since October 2020. 

Joining the bank in Hong Kong in 2010 as a managing director in IBCM, Qiu has more than 20 years of experience in the global financial services industry, including in the US, Singapore, Hong Kong and Mainland China.