The Swiss banking software specialist is reinforcing its digital expertise with a prominent hire from Credit Suisse. The tech expert advances into Avaloq's management.
Credit Suisse veteran Stefan Benz has been hired by Avaloq, the banking software provider said on Thursday.
Most recently, Benz was head of information technology for the Swiss bank's wealth management operations in Europe, the Middle East and Africa.
The move comes several months after private equity giant Warburg Pincus bought a minority stake in Avaloq, with plans to list it publicly as soon as 2020.
Robotics Expert
At Avaloq, he joins the second layer of management of a far smaller and more specialized firm. Benz will report to tech chief Thomas Beck, who is part of top management.
«Stefan will further improve the scalability of our delivery capability and increase our ability to innovate across the development centres in Zurich, Edinburgh and Manila,» Beck said.
Benz, a mechanical engineer who holds a PhD in robotic simulation, will be valuable to Avaloq for his experience of international transformation projects and building organizations which can deliver globally.
Second Credit Suisse Executive
He isn't the only executive recently poached off Credit Suisse's private bank: Avaloq grabbed Jiten Varu as a product expert earlier this year, as finews.com reported.
Prior to the Swiss bank, Benz worked for Zurich Insurance and Lotus/IBM.
