Swiss lender Migros Bank has hired Markus Schawalder from Liechtensteinische Landesbank (LLB) to serve as its new head of Private Customers Overall Bank and a member of the executive board.
Schawalder will take on the new responsibility on 1 April 2021. He will replace Markus Maag, who will now take over the management of private clients in the Zurich region.
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Migros Bank CEO Manuel Kunzelmann said: “The skills and personality of Markus Schawalder ideally complement the existing strengths of the Migros Bank management.
“At the same time, I would like to thank Markus Schawalder’s predecessor, Markus Maag, for his many years of loyalty and great commitment, and I wish him all the best in his new role.”
Schawalder, who currently leads the Private Customers division of LLB, has previously held key responsibilities at Basler Kantonalbank and BANK-now.
Earlier, he had stints at Credit Suisse and KPMG Consulting.
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By GlobalDataRecent developments at Migros Bank
Earlier this month, Migros Bank appointed Gwendy Walbert as the head of Marketing, following its move to bolster the marketing management with a view to new strategic priorities.
Walbert, who took over the newly formed overall management of the areas of advertising and PR, sales management, and product management, joined from Vontobel.
She worked at Vontobel as the global head of Marketing Wealth Management since 2017.
Migros Bank reported a profit of CHF192.9m for the financial year 2020, down 16% from the previous year.
The fall was caused by precautionary value adjustments made by the lender in a bid to minimise the risk of default on corporate loans due to the pandemic as well as to meet the needs of the watchdog Finma for precautionary value adjustments.
