Credit Suisse Names Zeller Chairman of Swiss Unit Ahead of IPOby
Credit Suisse Group AG named SIX Group AG Chairman Alexandre Zeller to lead the board of the bank’s Swiss subsidiary ahead of an initial public offering next year.
Zeller, who is also slated to join the group’s board of directors, will start on Oct. 1 after stepping down from his position at SIX, the entity that runs the Zurich stock exchange, Credit Suisse said in a statement on Monday. Peter Derendinger will also join the Swiss unit, as head of its risk committee. The unit is due to start operations within Credit Suisse in the fourth quarter, the bank said.
“The board of directors of Credit Suisse (Switzerland) Ltd. will be joined by additional Swiss members from outside the bank who have extensive financial experience and are thoroughly familiar with the Swiss financial center,” the company said in the statement.
The partial sale of its Swiss unit in an IPO by the end of 2017 is a key element of Chief Executive Officer Tidjane Thiam’s strategy. He plans to sell as much as 30 percent of the bank to raise 2 billion Swiss francs ($2.04 billion) to 4 billion francs.
Thiam will also join the Swiss entity’s board of directors, the bank said. The local firm’s board will include current Credit Suisse board members Andreas Koopmann, Severin Schwan and Alexander Gut, as well as Chairman Urs Rohner.