Credit Suisse Names Division Chiefs at Swiss Unit Amid Splitby
Serge Fehr to head private bank, Illy to lead investment bank
Company plans an IPO for its Swiss division within two years
Credit Suisse Group AG appointed at least five executives to senior roles at its Swiss division, including heads of wealth management and investment banking, as it prepares for an initial public offering of the business within two years.
Serge Fehr will head Swiss private banking and wealth management, while Swiss investment banking will be run by Marco Illy, Dominique Gerster, a spokesman for the bank, said Monday. The other three of five business lines at the Swiss operation will be external asset management, corporate and institutional clients, and premium clients, defined as people with more than 50 million Swiss francs ($49.7 million) to invest.
Chief Executive Officer Tidjane Thiam is making the Swiss bank, led by Thomas Gottstein, and the Asian division separate units in a strategic overhaul. Credit Suisse expects to raise up to 4 billion francs by selling as much as 30 percent of the Swiss unit to the public. Gottstein said last month that shares of a separately traded Swiss bank will be a useful “acquisition currency” as the nation’s fragmented wealth-management industry consolidates.
Thiam is also splitting out international wealth management, led by Iqbal Khan, which was reorganized along geographical lines Monday. Europe will be run by Claudio de Sanctis, Gerster said. Romeo Lacher, who was previously the head of Europe, Middle East and Africa for Credit Suisse’s private bank, will become Khan’s chief operating officer.
Phil Vasan, who led the U.S. private banking unit Credit Suisse sold to Wells Fargo & Co., will leave the bank, according to a memo confirmed by Nicole Sharp, a spokeswoman for the bank. He will pursue opportunities outside Credit Suisse once the transaction is complete “in the mid-spring of 2016,” Chairman of the Americas Rob Shafir said in the memo.