Credit Suisse (Luxembourg) has named its current CEO Yves Maas as the new chairman of its Board of Directors, effective 1 February 2017.

Maas will succeed Romeo Lacher, who was nominated chairman of the Board of Directors of SIX Group recently.

Maas, who joined Credit Suisse in 1999, held various senior management positions in private banking before becoming CEO and Member of the Board of Directors of Credit Suisse (Luxembourg) in 2012.

The bank also named Stéphane Herrmann its new CEO and also made him member of its Board of Directors.

Herrmann joined Credit Suisse in 2010 in Singapore, where he led the private banking APAC Business Development teams. He was appointed deputy COO and head of business management for Private Banking Western Europe upon his relocation to Zurich. He currently serves as head of strategy & projects for international wealth management.

Claudio de Sanctis, head of international wealth management in Europe, said: ''I'm delighted to have such seasoned managers and banking experts to help us further drive the strategic development of Credit Suisse's capabilities in Luxembourg and fully tap the potential of this key financial center.

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‘We are today well positioned in the market as a leading European private banking and asset management hub. Leveraging Yves' vast experience and local knowledge, I am convinced that Stéphane is well equipped to further develop our business out of Luxembourg, which remains a strategic priority for our European Business Area and a key pillar of the bank's overall strategy. Our continued success in Luxembourg depends on the ongoing contribution and efforts of the various businesses operating on our platform.''