MILAN, Nov. 2 (Class Editori) — Credit Suisse plans to accelerate its expansion in China by growing its team in the country by three times in the next five years, as China Chief Executive Janice Hu has revealed today during a media roundtable. Moreover, Hu explained that the Group has hired more than 120 people since gaining a majority stake in its China securities joint venture, Credit Suisse Securities (China) Limited, in June 2020.
Hu added that the bank was in close contact with Beijing regulators over cross-border data transfers. The topic is hot since China implemented a stricter Personal Information Protection Law on November 1, complementing a new Data Security Law in regulating cyberspace and safeguarding national security.
China recently introduced a data security law that that requires classification governance of data storage and transferal to third parties. “We are communicating with the regulator and our headquarters on a daily basis to achieve a plan that regulators can agree with and is feasible for us; this is at the core of our work,” Hu said.
News came during a significant week for Credit Suisse. As already announced by its Chairman Antonio Horta-Osorio, the bank will provide an update on its Group strategy review on Thursday following a presentation of the Swiss bank’s Q3 2021 results, in an attempt to revise the bank’s risk management and culture in the wake of crises that prompted a raft of executives to leave. After the affaires concerning Greensill, Archegos and Iqbal Khan, the last one in a chronological order was the Mozambican scandal.
Last month, Credit Suisse agreed to pay around 475 million dollars to US and British authorities to resolve bribery and fraud charges relating to the 2-billion-dollar African corruption scandal, while its subsidiary pleaded guilty to a conspiracy charge in New York. The settlement was announced the same day that Switzerland’s financial regulator FINMA reprimanded it for a long-running corporate espionage saga. Meanwhile, Credit Suisse’s stock trades at 10.01 Swiss francs on the SIX Swiss Exchange, down 0.65%.
(Source:Class Editori)
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