Barclays poaches Credit Suisse veteran for Asian expansion

13 March 2007

Barclays Wealth has hired Didier von Daeniken, formerly of Credit Suisse, to oversee its wealth management operations in the Asia Pacific territory.

Mr Daenkinen's recruitment comes following his resignation from his position as co-head of private banking in Asia Pacific region and head of Australia and south-east Asia at Credit Suisse earlier this month.

It is thought that Mr von Daeniken, who will be based in Singapore, has been recruited for his experience in the territory, as Barclays looks to expand its overseas operations.

Barclays recently announced that it intends to invest $725 million in overseas markets up to 2009 and hired an extra 700 staff in foreign markets last year.

Robert Morrice, chief executive of Barclays Asia, said: "We have been growing the Asia business by more than 20 per cent annually in recent years and we expect the underlying performance to continue for the foreseeable future."

Latterly, extensive expansion from Citigroup and Credit Suisse and HSBC has left Barclays, which is Britain's third-largest bank, lagging behind its rivals in the Asia Pacific private banking sector.

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