Credit Suisse is merging its eastern European private banking business with western Europe as it seeks to return to growth after heavy outflows due to crackdowns on untaxed funds in hidden Swiss accounts.
Reuters reports that Alois Baettig, a 40-year veteran of the Swiss bank who currently heads eastern Europe, the Middle East and Africa, will leave Credit Suisse when it folds the regions into an overall EMEA unit from Oct. 1 - three years after splitting them off.
The news was disclosed in a memo seen by Reuters from Credit Suisse private bank co-head Hans Ulrich-Meister and EMEA Chief Executive Gael de Boissard.
The new combined unit, private banking EMEA (Europe, Middle East and Africa), will be run by Romeo Lacher, who heads the western European business now.
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