London - Credit Suisse has swooped on Prudential boss Tidjane Thiam to replace chief executive Brady Dougan - seen to have failed in reforming the Swiss bank fast enough - in order to push into wealth management of a growing multi-millionaires club in Asia.
Thiam, 52, has driven Prudential's expansion into the same region since 2009 and its success in selling insurance products there has trebled the firm's share price.
Although the former Ivory Coast government minister has never run a bank, his experience of dealing with financial regulators is also seen by shareholders and analysts as an advantage given the raft of new rules that have been introduced post-financial crisis.