The group has a new head for central Switzerland, Ticino and the Italy region.

Zurich-listed EFG International has appointed Franco Polloni as head of central Switzerland, Ticino and the Italy region, taking up the reins from Renato Santi, who will leave after BSI's Swiss business is integrated into the group, planned to take place in April.

Polloni's appointment is effective from 1 August this year, subject to regulatory approval, EFG said in a statement today. Until his arrival, Thomas Mueller, currently CEO of BSI, will manage the central Switzerland, Ticino and Italy region on an interim basis.

The firm said that Polloni has "broad management experience in private banking and asset management and extensive knowledge of the Swiss financial sector".

Previously, Polloni worked at Lugano-based Banca del Ceresio, where he was head of private clients and asset management and a member of the executive board from 2014. Between 2008 and 2014, he held various leadership positions at BSI and was head of wealth management services and a member of the executive board from 2008 to 2010. From 2001 to 2008, he worked at Banca del Gottardo, where he was appointed a member of the board in 2006 and served as head of products and services until the bank’s integration into BSI in 2008, the statement said.

A Swiss national, Polloni holds a Master’s degree in business administration from the University of Zurich and is a member of the Fiscal Commission of the Ticino Banking Association.

Santi was made a member of EFG International's executive committee in November last year, after the firm completed its purchase of BSI. Over the past two decades, Santi has held several managerial positions at BSI in Switzerland and abroad, and successfully headed various strategic development projects.

The BSI acquisition has caused a headache for EFG International, as the former firm's Singapore-based operation was last year ordered to quit the Asian city-state amid a scandal over handling of illicit funds linked to Malaysia.

As reported earlier this month, EFG International posted an IFRS net profit of SFr339.3 million ($336 million) for 2016, compared to SFr57.1 million in 2015. Excluding the impact of BSI, as well as non-recurring items and life insurance contributions, underlying operating income on a standalone basis dropped from SFr696.6 million to SFr677.8 million.

“This decline primarily reflects a decrease in underlying net commission due to lower levels of client activity than in previous years, as well as the GBP depreciation (affecting 15 per cent of total commissions) following the Brexit vote,” the firm said. EFG's standalone underlying net profit was SFr91.1 million (excluding certain non-recurring items), in line with the previous year.

EFG International in December last year said it plans a net cut of between 100 and 150 jobs per year globally over the period from 2017 to 2019.