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October 25, 2022

Credit Suisse chief compliance officer set to depart – report

Credit Suisse Group’s chief compliance officer Rafael Lopez Lorenzo is set to quit the company within a few weeks, reported Bloomberg citing people privy to the matter.

However, the move is not said to be linked to the firm’s plan to conduct a strategic review.

Lorenzo was named Credit Suisse’ chief compliance officer as part of its internal reorganisation in September last year.

The compliance role which was initially combined with the risk role was divided in 2021 following failures in the management of the dual roles.

Lorenzo, who joined Credit Suisse in 2015, has earlier headed the group’s internal audit as chief audit executive for five years and also was chief auditor of Technology, Operations, Data and Change.

Prior to joining Credit Suisse, he led JP Morgan Chase’s Corporate & Investment Bank, Risk, Chief Investment Office and Treasury Technology Audit.

The appointment of Lorenzo, who replaced Lara Warner, was part of the company’s efforts to strengthen its presence following a series of scandals including fund collapses and corporate spying.

Furthermore, the company is also planning to sell its securitised products business along with other assets.

According to the news agency, the bank is also considering issuance of convertible bonds to help pay for its overhaul.

Meanwhile, Credit Suisse has reportedly sold its 30% stake in Swiss-based Energy Infrastructure Partners to EIP’s managing partners.

The specifications of the transaction were not revealed.

Reports, quoting an EIP statement, said: “Consolidating the shareholder group strengthens the company’s independence and reinforces its foundation amid a global expansion.” EIP manages large-scale renewables and energy assets.

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