Credit Suisse hires former BoQ’s Anthony Rose

Former acting Bank of Queensland chief executive Anthony Rose to lead Credit Suisse financial institutions group.

Former Bank of Queensland executive Anthony Rose joins Credit Suisse. Picture: Britta Campion / The Australian

Credit Suisse is boosting its local ranks by hiring former acting Bank of Queensland chief executive Anthony Rose to lead its financial institutions group.

The Australian understands Mr Rose, who was an investment banker at Merrill Lynch and Citigroup before having stints at Suncorp and BOQ, will join Credit Suisse as a managing director in coming weeks.

He replaces Jean du Plessis who decamped to Columbus Capital and will report to Credit Suisse’s local investment banking co-heads James Disney and Angelo Scasserra.

Mr Rose will run the financial institutions group across Australia and NZ.

His appointment comes as an important time for Credit Suisse, given it is working alongside Goldman Sachs on the strategic review and potential sale of embattled wealth group AMP.

Deal activity in the financial services sector has continued at pace this year, despite COVID-19, as banks divest non-core business units.

National Australia Bank has agreed to jettison wealth unit MLC to ASX-listed IOOF and Commonwealth Bank has sold a 55 per cent stake in its Colonial business to private equity giant KKR & Co.

The banks are also bracing for a spike in loan losses as repayment pauses start coming to an end, ahead of a March 31 deadline and government income support measures taper off.

Mr Rose parted ways with BOQ at the end of 2019, after missing out on getting the top job in a permanent capacity to George Frazis.

Prior to acting BOQ CEO, Mr Rose was chief operating officer at the bank and also finance boss.

On the leaderboards, Credit Suisse ranks second for equities trading market share so far this year with 11.5 per cent of activity, trailing UBS at 16 per cent. But for equity capital markets work and mergers and acquisitions, with any Australian involvement, the firm is outside the top five.

Mr Rose crossed paths with Credit Suisse Australia CEO Richard Gibb when both worked at Merrill Lynch.

Mr Gibb joined Credit Suisse from Deutsche Bank last year, with his stint at the German firm including time as global head of financial institutions.

Mr Rose’s time in investment banking included advising Suncorp on the 2006 acquisition of Promina, while at Citigroup, working alongside Lazard on the deal.

The appointment of Mr Rose also comes as the local investment banking landscape sees a spate of changes and new entrants including Magellan-backed Barrenjoey and NZ’s Jarden look to scale up.

In August, Credit Suisse’s Australian operations and Jarden announced they had agreed to exit a formal strategic alliance, and pointed to an “orderly transition” over coming months.

The arrival of Barrenjoey has caused a stir in the domestic advisory and investment banking market, as the firm has lined up big names including David Gonski, who is expected to take the reins as independent chairman.

Former UBS banker Guy Fowler is executive chairman and former Challenger boss Brian Benari is CEO.

Jarden and Barrenjoey’s separate hiring efforts have US and European investment banks on high alert as they seek to retain staff.