Moves: Swiss private bank EFG to expand in Israel with Credit Suisse team - sources

EFG International AG

27/06/2023 11:21

By Steven Scheer
       JERUSALEM, June 27 (Reuters) - The CEO and half a dozen
others from Credit Suisse Israel have quit to form a new wealth
management advisory business for Swiss private bank EFG
International  EFGN.S  in Tel Aviv, two market sources familiar
with the matter told Reuters.
    Among those who have left Credit Suisse's Israel office to
join EFG from September are Joseph Wolf, who took over as head
of the business in April 2022, and head of private banking
Michael Dadoun.
    "There are people from the Credit Suisse Israel team who are
now tasked with building a brand for EFG International," one of
the sources said, adding that Wolf would run EFG's new wealth
management advisory business in Israel.
    Wolf, Dadoun and five others who resigned early in June
declined to comment. Typically in banking there is a minimum
three-month cooling off period for those moving to rival firms.
    An EFG spokesperson said the bank "confirms that it is
expanding its team in Israel" and that "further details will be
provided in due time".
    Credit Suisse said its clients and team members were
informed of the Israeli personnel changes in early June, and
that a dedicated team is maintaining client service.
    Rival UBS  UBSG.S  earlier this month completed its
emergency takeover of embattled Credit Suisse, forging a Swiss
banking and wealth management giant with a $1.6 trillion balance
sheet.
    As a result of the merger, "there is overlap in certain
regions (which) is more acute in Israel," said one source, while
adding that no one from Credit Suisse in Israel had been laid
off.
    Another source said many banks have been actively recruiting
Credit Suisse bankers globally for months.
    UBS, which was not immediately available for comment, has an
established wealth management and securities business in Israel.
    At present, EFG has a one-person representative office in
Tel Aviv that opened last September.

 (Reporting by Steven Scheer; Editing by Jan Harvey)
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