Credit Suisse AG (CSGN) named Rob Stewart as chief executive officer of its Australian business, succeeding David Livingstone, who is returning to London in a senior role.
Stewart, who joined the Swiss bank in 1990 and remains the co-head of investment banking in Australia, will take on the CEO role from Feb. 1, Credit Suisse said in an e-mailed statement today. He will lead the private bank, wealth management arm and investment banking division in the country.
Credit Suisse ranked second among advisers on Australian mergers and acquisitions last year, behind Macquarie Group Ltd. (MQG), data compiled by Bloomberg show. Stewart, who has worked on more than 60 M&A transactions worth A$100 billion ($106 billion), counts BHP Billiton Ltd. (BHP), Fortescue Metals Group Ltd. (FMG) and Telstra Corp. among his clients, Credit Suisse said.
He takes over as deals slow. Australian M&A volume fell 41 percent in 2012 to the lowest since 2009, the data showed, as firms shunned acquisitions amid global economic uncertainty.
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