Credit Suisse Group has decided to split its
private banking unit for Europe, the Middle East and Africa into
two new business areas.
One area will focus on wealth management
markets in Eastern Europe, the Middle East and Africa
(EEMEA).This will also include Russia, the Indian
subcontinent, Greece, Israel and Central Asia.
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Alois Bättig will lead Credit Suisse’s EEMEA
business area and, regionally, he will report to Fawzi
Kyriakos-Saad.
The other private banking unit will focus on
Western Europe, which will be led by Romeo Lacher who,
regionally, will also report to Fawzi Kyriakos-Saad. Lacher has
been head of Credit Suisse’s private banking operations since 2004
and Credit Suisse has said his succession will be announced in due
course.
An internal Credit Suisse memo released to
Private Banker International explained that the
financial institution has decided on the organisational
change for two reasons mainly: firstly, the EMEA region’s
complexity; and secondly, the different challenges faced by
mature and emerging markets are expected to be become even more
pronounced.
The memo said the changes would allow Credit
Suisse to continue expanding its business, particularly in the face
of the fundamental changes in the industry and “an operating
environment that will remain challenging”.
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