People Moves
EFG Names New Executive Line-Up As BSI Acquisition Reaches Final Chapter

The Switzerland-headquartered banks, in the throes of an M&A deal, have a new executive committee and management line-up.
Zurich-listed EFG International
has unveiled its new executive committee and management structure
as it puts the finishing touches onto its acquisition of fellow
Swiss-headquartered bank, BSI. To approve its financing of the
acquisition, meanwhile, EFG International said it will hold an
extraordinary general meeting on 26 July.
The executive committee’s members are Joachim H. Straehle, CEO;
Giorgio Pradelli, deputy CEO & chief financial officer; Mark
Bagnall, head of IT & operations; Albert Chiu, head of Asia
region; Renato Cohn, head of investment solutions; Anthony
Cooke-Yarborough, head of UK region; Peter Fischer, head of
strategy; Reto Kunz, chief risk officer; Adrian Kyriazi,
head of Romandie & Continental Europe Region; Maurizio Moranzoni,
head of global markets; Gérald Robert, head of Latin America;
Renato Santi, head of Central Switzerland, Ticino & Italy Region;
Sixto Campano, head of Americas region.
EFG said in May that after completing its ordinary share capital
increase linked to the acquisition, that the final size of
the share component of the purchase price payable to BTG Pactual
will be 30 per cent of EFG’s share capital immediately after the
transaction closes.
The Swiss firms came together after Brazil-based BTG Pactual
decided to put BSI up for sale having only purchased the business
a few months previously; BTG Pactual became engulfed in a
high-profile corruption scandal on Brazil and had to sell BSI as
part of a capital-raising exercise.
BSI has also suffered controversy; its BSI Bank subsidiary in
Singapore is losing its merchant banking licence granted in the
Asian city-state because of anti-money laundering and related
misdemeanours.
In its statement today, EFG said its board of directors also has
appointed five members of BSI’s group executive board as members
of EFG International’s executive committee, effective as of the
closing of the transaction: Renato Cohn, Reto Kunz, Maurizio
Moranzoni, Gérald Robert and Renato Santi.
Cohn, Moranzoni and Santi will be based in Lugano; Robert will be
in Geneva. James Lee will step down from the executive committee
of EFG International as of the closing and will retire from the
company at a later date. Frederick Link will step down from the
executive committee of EFG International as of the closing; he
will remain in his role as EFG Bank’s chief risk officer during a
transitional phase and will continue in the organisation in a
senior role.
Once the acquisition is complete, BSI will operate as a separate
subsidiary within EFG International’s holding structure until its
full integration, which will take place market by market and is
planned for completion by mid-2017.