Swiss private banking giant Credit Suisse has bolstered its Asia-Pacific private banking business by naming a former UBS Wealth executive as its new market head for Malaysia.

Credit Suisse, the Swiss banking giant, has bolstered its Asia-Pacific private banking arm with a new Malaysia head.

Marcus Slöör joins the Singapore office as managing director and Malaysia market leader for the Asia-Pacific private banking unit. This publication understands that he is replacing Jimmy Lee, who was appointed as one of the Greater China market leaders for Credit Suisse Private Banking Asia-Pacific, based in Hong Kong. 

Slöör was previously the managing director and region head of Nordics at UBS Wealth Management in Zurich. He brings 14 years of experience in international banking and wealth management, with a focus on the ultra-high net worth segment across the Nordics, the UK and Switzerland. 

In his new role, Slöör is responsible for developing and growing the Malaysia business while overseeing a team of private bankers in Singapore who are focused on high net worth and ultra-high net worth clients including entrepreneurs, family offices, trusts and foundations. He reports to Claudio de Sanctis, managing director and market area head for South East Asia. 

Malaysia is a key market for Credit Suisse in the South East Asia area, said the firm in a statement. In early February 2014, the bank revised its gross domestic product outlook for the country from 5 per cent to 5.3 per cent as it expects a strong boost from the tourism industry in line with Visit Malaysia Year 2014. The country is also expected to gain a positive spillover of visitors as a result of the political turbulence in Thailand. 

The appointment also comes just shortly after the launch of the Credit Suisse Wealth Institute, a school for private bankers in Singapore, reflecting the continued increase in demand for private banking services in the fast-growing region.