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Here is another Indian close to the glass ceiling at a multinational bank. Credit Suisse Group has appointed Kai Nargolwala, 57, as the firm's Chief Executive Officer of the Asia-Pacific region, and a member of the Executive Board. He will be based in Hong Kong and will assume his new responsibilities on January 1, 2008, a release said.

He will report to Brady W. Dougan, CEO of Credit Suisse. Nargolwala succeeds Paul Calello, who has been CEO of Asia-Pacific of Credit Suisse since 2002. Calello was appointed CEO of Credit Suisse’s Investment Banking division in May 2007 and will continue to act as interim CEO of the region until Nargolwala takes over.

Nargolwala will work with the investment banking, private banking and asset management divisions, leading the integrated bank in the region.

Nargolwala, an Indian by birth and a UK citizen, has been a member of the board of Standard Chartered since 1999. He has also led Stanchart's M&A activities and regulatory and governmental relationships in Asia. Before Stanchart, he worked for Bank of America for 19 years in Europe, the US and Asia, most recently as its Group Executive Vice President and Head of the Asia Wholesale Banking Group, headquartered in Hong Kong. Previously, he practised as a Chartered Accountant with Peat Marwick Mitchell & Co. in London.

Nargolwala holds a Bachelors degree in Economics from the University of Delhi, and is a Fellow of the Institute of Chartered Accountants in England and Wales.