Michael Philipp, chairman of the Middle East and Africa region for Credit Suisse, left the Swiss bank on June 16 to start a new venture that will focus on private equity investing in the Middle East. The 55-year-old departed amid the latest reshuffling of the bank’s executive ranks and has been tight-lipped about his new vehicle. A source close to Philipp says his firm will likely open offices in Dubai and London. He will tap his extensive relationships built during years of managing business in the region for Credit Suisse and, previously, Deutsche Bank. Philipp spearheaded Credit Suisse’s securities-related joint ventures in Saudi Arabia and South Africa and in 2006 led a partnership in Abu Dhabi that raised $250 million for a clean-technology venture capital fund.