New chairman turns to China in downturn

Hans-Ulrich Doerig, the new chairman of Credit Suisse Group AG, sees China as a growth engine that can pull his bank through the global economic downturn.

Hans-Ulrich Doerig: The biggest challenge is to attract more high-profile clients in China. [China Daily]

Doerig, who took charge of the biggest Swiss bank by market value in April, has been coming to China for 25 years and said the country is an important part of his plans.

"I came here for better communication with clients. The biggest challenge for me right now is to attract more high-profile clients in China," Doerig told China Daily.

Credit Suisse was the joint bookrunner of the $9.2 billion IPO of China Construction Bank in 2005 and the $21.9 billion IPO of Industrial and Commercial Bank of China in 2006, which was the world's largest to date. It is now planning to be involved with preparations by Agricultural Bank of China (ABC) for a dual listing on the Hong Kong and Shanghai bourses.

"It is part of our strategy to get involved in major IPOs. We have expressed our interest and are waiting for feedback from ABC," said Doerig.

Despite the challenging market environment, Credit Suisse has helped a number of Chinese companies get listed in Hong Kong and the US in March and April this year, including Changyou.com, a Chinese online role-playing game operator, which was the first US IPO by a company from an Asian country other than Japan since August 2008.

Credit Suisse currently has three joint ventures, Credit Suisse Founder Securities, ICBC Credit Suisse Asset Management Limited and China Renaissance Capital Investment, none of which offer retail banking.