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EFG International names new CEO

EFG International names new CEO

EFG International, which less than a year ago took over Swiss rival BSI, has announced its chief executive, Joachim Straehle will retire in the end of 2017.

Straehle, who's exit will conincide with the integration between BSI and EFG is finalized, will be replaced by Giorgio Pradelli, the bank's finance director. He will start in his new role on 1 January 2018.

Renato Cohn, who is head of investment solutions at the firm, will take over as deputy CEO in addition to his existing duties.

The new CFO of the firm is Dimitris Politis, who is currently CFO at SETE.

BSI business in Geneva and Zurich has already been transferred to the IT system of EFG. The system integration of Lugano business is expected to be complete before the end of 2017.

Commenting on his departure Straehle said: ‘Since 2015, the management team and I successfully executed on our strategic priorities, focusing on growth, efficiency and a strong management and performance culture at EFG.

‘The BSI acquisition reflects this strategic direction, and now, with the integration process coming to a close, it is a natural step for me to hand over my CEO responsibilities to a highly qualified leader.’

EFG announced it would take BSI on in February 2016 from Brazilian bank BTG Pactual. 

Shortly after, it discovered BSI was involved with a corruption scandal surrounding Malaysian state fund IMDB, which resulted in billions in client withdraws. 

BTG had only finalized its acquisition of BSI from Italian insurer Generali in September 2015 for about $1.7 billion.

It had to quickly sell the group after the Brazilian group’s chief executive Andre Esteves was arrested for alleged links to a corruption scandal, damaging investor confidence. Esteves has been subsequently released.

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