According to the diplomatic wording of these press statements: “EFG International has been reassessing its strategic options, in light of challenging business conditions and the continuing strength of the Swiss franc. In this context, it has determined to balance more effectively its continued commitment to growth with a more disciplined approach to profitability. Consequently, it was felt to be an appropriate time for a handover of leadership responsibilities.”

Howell’s own contribution to this bank’s fortunes has been considerable. On his watch, the bank has gone from an obscure start-up to a business with a cool SFr85 billion ($100.7 billion) under management as at the end of last year. Howell is still a part of the bank: he “remains a major shareholder”, the bank says, and is to be proposed as a member of the board of directors and become chairman of EFG Financial Products.

It was in a generous mood that Howell said of his move: “It has been an honour and a pleasure to lead this organisation over 16 remarkable years. I would like to thank everyone who has contributed to making EFG International what it is today. Having steered the business through particularly challenging market conditions over the past few years, it is now a good time to hand over to a new leader. I intend to continue to be a substantial shareholder and have no plan to sell any shares.”

As previously reported, Williamson joined EFG Private Bank as CEO in 2002. Before, he held a variety of senior positions during 16 years at Coutts, including that of group chief operating officer.

Lukas Ruflin continues as deputy CEO of EFG International. Anthony Cooke-Yarborough, formerly managing director of EFG Private Bank in the UK, replaces John Williamson as CEO of that entity.