(Refiles to correct Abbasi spelling in paragraph 4)
* Asia-Pac CEO Nargolwala to become non-executive chairman
* Abbasi is current head of equities
* Ali Naqvi named head of equities Asia Pacific
* CS down to No. 10 in APxJ M&A H1 rank from No. 4 yr ago -TR (Recasts with company confirmation)
By Denny Thomas and Lisa Jucca
HONG KONG/ZURICH, Sept 7 (Reuters) - Credit Suisse has put insider Osama Abbasi at the helm of the fast-growing Asia-Pacific region, replacing Kai Nargolwala less than three years after hiring him from Standard Chartered.
Swiss bank Credit Suisse said on Tuesday Abbasi, currently the bank's Asia-Pacific head of equities, will take over his new role on Oct. 1, confirming an earlier Reuters story.
Nargolwala, a veteran banker who joined Credit Suisse in January 2008, became the bank's highest paid board member that year with a paycheck of 20.83 million Swiss francs ($20.5 million). He will become non-executive Chairman of the Asia-Pacific region.
Abbasi, a Credit Suisse veteran, came to Asia in early 2008 in a newly created role as head of global securities. Prior to that he led Credit Suisse's securities structured derivatives sales group in Europe and the Middle East.
"Osama has a strong track record as one of our most talented business leaders and will bring great energy and focus to his new role," said Brady W. Dougan, CEO of Credit Suisse.
"As regional CEO of Asia Pacific, he will provide essential leadership as we further develop our strategy, our brand, our people and our client relationships across our business divisions in this key growth market," he added.
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Investment banks are increasingly shifting focus to Asia Pacific region, which is expected to dominate deal making and capital raisings on the back of strong economic growth.
For some banks, revenue and staff in Asia now account for more than a tenth of the total global figures, compared with less than 5 percent a decade ago.
Credit Suisse was No. 10 in Asia-Pacific ex-Japan M&A ranking in the first half of 2010, down from No. 4 rank a year ago, according to Thomson Reuters data. To close the gap, Credit Suisse has boosted its investment banking headcount in Asia Pacific ex-Japan by 35 percent this year.
At the end of the first half, Credit Suisse had about 6,400 employees in Asia out of a global headcount of 47,600.
Nargolwala became Asia-Pacific CEO in September 2007 when he was hired from Standard Chartered. Nargolwala's career as a banker has spanned for more than three decades.
Ali Naqvi will replace Abbasi as head of equities for Asia Pacific. (Editing by Chris Lewis and Muralikumar Anantharaman)