Credit Suisse said Robert Benmosche has stepped down from its board of directors with immediate effect as a result of his appointment as a board member and president and chief executive of US insurance group AIG.

Mr Benmosche, who had been a member of Credit Suisse’s board since 2002, was chairman and chief executive of MetLife, the US life insurer, between 1998 and 2006.

“Bob's advice and counsel with regard to the development and implementation of our integrated bank strategy have been invaluable. Also, the experience and judgment he shared with Credit Suisse have been very important over the last two years as the bank has successfully navigated through the difficult challenges in the global marketplace and the financial system. We wish him continued success in his new role at AIG,” said Hans-Ulrich Doerig, chairman of Credit Suisse Group.