Swiss private bank EFG International has named Giorgio Pradelli as its new CEO, replacing Joachim Straehle who will retire by the end of this year.

Pradelli is currently serving as the company’s CFO and deputy CEO and will take over from Straehle on 1 January 2018.

Straehle has been serving in the role for more than two years. During his tenure EFG international acquired BSI Bank from Brazil’s BTG Pactual.

Straehle’s decision to step down comes after the successful integration of BSI businesses onto EFG’s IT platform.

Also, the company named head of investment solutions Renato Cohn as new deputy CEO. Dimitris Politis, current CFO of Sete SA, has been names as the new group CFO.

Straehle said: “The BSI acquisition reflects this strategic direction, and now, with the integration process coming to a close, it is a natural step for me to hand over my CEO responsibilities to a highly qualified leader.”

Pradelli said: “My focus will be on leveraging the firm’s increased scale following the transformative acquisition of BSI and strengthening EFG’s positioning as one of the largest Swiss private banks.

“Going forward, my focus will be on leveraging our increased scale following the transformative acquisition of BSI,” he added.