EFG Private Bank, a London-based subsidiary of EFG International AG, has selected Richard Metcalf as the new chair of the UK Board, beginning 1 June 2024, subject to regulatory approval.

He will succeed John Reed as UK chair, who is retiring after nine years in the position at EFG.

For a significant portion of his executive career, Metcalf worked with UBS in a range of risk positions with locations in the US, UK, Asia, and Switzerland.

He served vital roles, including chief operating officer of group risk and chief risk officer for EMEA and the UK, with an emphasis on market and operational risk.

Moreover, Metcalf held the position of group head of operational risk at Standard Chartered Bank following his departure from UBS.

He has been an independent non-executive director at Credit Suisse (UK) for three years, chairing the board of directors’ risk committee.

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Alexander Classen, chair of the board of directors of EFG International stated: “Richard gained an outstanding reputation during his time at UBS and Credit Suisse. His skills complement those of the existing UK Board, and I am convinced that he will play a key role in ensuring the sound development of EFG’s business in one of our key markets, where we have ambitious growth plans. I would also like to express my sincere thanks to John Reed, our outgoing chair, for his dedication to the company over the past nine years. He was instrumental in building our solid risk and governance frameworks and in reinforcing our culture. I wish him all the very best for the future.”

Giorgio Pradelli, CEO of EFG International added: “I am looking forward to working with Richard. He will play a key role in further growing our UK business, for which we have great ambitions. I would also like to sincerely thank John Reed for his strong commitment to our UK bank over the past nine years and wish him every success for the future.”

Metcalf commented: “I am honoured to have been nominated to take on this important role. I very much look forward to a close and successful collaboration with my fellow members of the Board.”

Furthermore, in January, EFG International opened two new offices in Gstaad and St Moritz as part of its efforts to expand client coverage and boost its presence in Switzerland.