The location head of Credit Suisse's Hong Kong private banking division has retired after 18 months in the role, the bank has confirmed.

James Hong left Switzerland's second largest bank in January, after joining in September 2010 from Swiss rival UBS's asset management business, where he was chairman of the Greater China business for five years. It is not clear where he is going.

It is understood that the location head role focuses on maintaining strong governance and supervisory oversight of the private banking franchise in Hong Kong.

Anna Wong, market area head, Greater China, for private banking, has taken up the reigns. She joined the firm last October. She was most recently CEO for HSBC Broking Services (Asia) Limited between 2009 and 2011.

Sources say Hong's departure may have been triggered by a recent change of leadership at the top of Credit Suisse Asia private banking ranks. In January Francesco de Ferrari took over from Marcel Kreis as head of private banking for Asia-Pacific, while Kreis became chairman of the division.

Credit Suisse declined to comment.