Switzerland's EFG bank poaches Credit Suisse teams (updated)

EFG International AG

11/01/2024 06:31

(Adds last three paragraphs)
       ZURICH, Jan 11 (Reuters) - EFG  EFGN.S  has taken over
the Credit Suisse teams in Switzerland's exclusive ski resorts
of St. Moritz and Gstaad, opening its new offices there at the
start of the year, the private bank said on Thursday.
    Since Jan. 1, Stephan Uebersax, formerly the regional head
for Credit Suisse, leads the team of nine in St. Moritz while in
Gstaad, another Credit Suisse veteran, Manuel Blanco, heads up
11 employees.
    The new offices will enable EFG to stay close to wealthy
Swiss and international clients who have a primary or secondary
residence in either of the locations, the bank said in a
statement. 
    The move comes after Credit Suisse's collapse and subsequent
takeover by UBS  UBSG.S  in March last year. EFG has already
announced that also took over Credit Suisse's team in Israel. 
    EFG's head of Switzerland and Italy said he did not exclude
further forays into mountain resorts or other Swiss cities, and
that options will be looked into as part of strategic
discussions happening in the next months.
    "We need to have a combination of the target client - the
global wealthy client we want to serve - and the good people, as
we found in St. Moritz and Gstaad," Franco Polloni told Reuters.
   
    In November, EFG, which has seen its share price rise more
than 25% in the last year, reported that it had 144 billion
Swiss francs in assets under management. 


 (Reporting by Noele Illien, editing by John Revill)
 ((Noele.Illien@thomsonreuters.com; +41 41 528 39 73;))