EFG International newly-minted CEO is installing a new operating chief. The move sparks a series of further top management changes.
The Swiss private bank said it would replace current operating chief Mark Bagnall with Christian Flemming, a former executive at BTG Pactual and Banca della Svizzera Italiana, or BSI. The bank also said that Peter Fischer, an associate of former Chief Executive Joachim «Joe» Straehle, will leave top management.
Fischer was hired by Straehle three years ago and was promoted to oversee strategy in order to roll out the integration of troubled BSI. The bank, run by Giorgio Pradelli since this month, said that Fischer will continue to work on strategic projects in order to improve EFG's efficiency and competitiveness.
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Flemming spent the bulk of his career in Latin America. He joins via Brazil's BTG Pactual, where he was finance chief, and subsequently BSI, where he was operating chief before the bank was forced into a firesale to EFG.
Bagnall, the current operating chief, will remain with EFG as technology chief - a new role for the Swiss bank - in order to update its information technology and to roll out a digital strategy. A ten-year veteran of EFG, he previously worked for Merrill Lynch in London and Geneva.
Pradelli, a long-time banker for the Latsis family, EFG's majority shareholder, said the Zurich-based bank will pour money into modernizing its IT. EFG adopted Swiss software house Temenos' T24 core banking system through the BSI deal.
