Prudential chief executive officer Tidjane Thiam will leave his role to take over the top position at Credit Suisse later this year.
Current chief executive Brady Dougan, who has led the bank for eight years, will stand down in June.
Thiam was the first black chief executive of a FTSE 100 company when hired by Prudential in 2009.
Credit Suisse chairman Urs Rohner said Thiam was a "strong and distinguished leader" with a strong record in the financial services sector.
"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."
Ivory Coast-born Thiam will present Prudential's first quarter results in May before leaving for the bank.
Prudential's yearly results showed a 14% rise in operating profits, the company said Tuesday. Insurance companies have consistently out-performed banks in recent years.
Thiam came under fire at Prudential over a failed $35.5bn (£23.5bn) takeover bid for the Asian life assurance division of AIG in 2010.
Prudential chairman Paul Manduca said it will name a successor "once the regulatory approval process has been completed".