By Daniel Hunter

The head of insurance giant Prudential, Tidjane Thiam, is to leave to take up the chief executive role at Credit Suisse later this year.

Mr Thiam, who has been at the helm of Prudential for six years, replaces Brady Dougan who has led Credit Suisse since 2007.

Mr Dougan is set to step down in June.

Prudential has already found a replacement, saying "we have identified a successor and expect to be able to announce a new CEO once the regulatory approval process has been completed".

Credit Suisse chair Urs Rohner said Mr Thiam was "a strong and distinguished leader with an impressive track record in the global financial services industry".

He added: "His extensive international experience, including in wealth and asset management and in the successful development of new markets, provides a firm foundation for leading Credit Suisse."

Despite questions over his future in the early days of his career at Prudential, Mr Thiam has widely been credited with the insurers strong performance in recent years, with its share price currently flourishing.

The announcement comes as Prudential reported a 60% rise in annual pre-tax profits to £2.6bn, up from £1.6bn last year.