A long-serving member of the bank’s senior management team has stepped down from the helm of the Channel Islands business, this publication exclusively reports.

Roy McGregor will step down from his position as chief executive of Credit Suisse in the Channel Islands at the end of the year. He will hand over to Paul Annegarn, who is currently chief operating officer in Europe, the Middle East and Africa for equities in global markets, according to an internal memo.

McGregor joined the bank in 2004 as COO in the UK. He became country CEO for Credit Suisse in the Channel Islands and CEO of Credit Suisse in Guernsey in 2006. During his 10-year tenure, he helped build up the business in the Channel Islands, overseeing private banking, asset management, treasury and trust activities on the islands. 

McGregor contributed “substantially to the success of the entire wealth management business in the UK market area”. He will continue to work with the bank as an advisor, as he returns to corporate advice and consulting. A Credit Suisse spokesman confirmed the contents of the memo to WealthBriefing.

Annegarn, who has been with Credit Suisse for 14 years, will succeed McGregor on 1 December, subject to regulatory approval. His experience includes investment banking, equities, asset management, private banking and securities services.