One of Switzerland's most prominent Russia bankers has been promoted to run a key market for Zurich-based EFG International.
Michael Vlahovic has been named head of private banking for the U.K., effective July 1, EFG International said in a statement on Wednesday. Currently based in Zurich, Vlahovic will move to London and report to regional head Anthony Cooke Yarborough.
He replaces Daniel Gerber, who appears to be leaving the Swiss bank after nearly five years.
From Coutts to EFG
One of Switzerland's most prominent Russia bankers, Vlahovich's poaching by EFG from Coutts International was bought by Union Bancaire Privee two years ago was months in the doing.
Vlahovich had brought an entire team specialized in Eastern Europe to Coutts from Credit Suisse, where he spent 15 years.
Oligarch Money
Vlahovic came to EFG as a managing director for private banking in Eastern Europe and Russia, along with a role as global coordinator for Eastern and Central Europe as well as Russia.
The move, which requires regulatory approval, makes sense for Vlahovic: London is beloved as an offshore destination for wealthy Russians.
