The appointment follows Lorenzo’s recent exit from the post citing family reasons.
Patel will be part of the group’s Executive Board effective 1 November 2022.
In her new position, she will report to Credit Suisse chief executive officer Ulrich Körner.
Patel, who joined Credit Suisse in 2021, was earlier the chief compliance officer of the company’s asset management division.
Apart from being a member of several business and compliance committees, she was also in charge of the group’s UK Investment Bank.
A Master’s degree holder in Finance and Investment from London’s Brunel University, Patel also served Goldman Sachs for nearly 18 years.
At Goldman Sachs, she held key compliance positions in its Asset Management and Markets units.
Credit Suisse CEO Körner said: “I am delighted to welcome Nita to her new role and am looking forward to working with her on the Executive Board. She joins with an impressive track record in leadership positions, with a career spanning more than two decades.
“Since joining Credit Suisse, Nita has already played an instrumental role in the recent transformation that was initiated under Rafael’s leadership, ensuring a smooth transition over the coming months.
“At the same time, I would like to thank Rafael for his commitment and contribution in building and strengthening the compliance function such as through key hires over the past year.”
Meanwhile, the Switzerland-based group announced that following necessary clearance, Lorenzo will assume a new role as non-executive member of the Board of Credit Suisse Bank (Europe), S.A. (CSEB) in Spain.