Change is afoot at the most senior levels at EFG International as it readies for the shareholder meeting. The wealth manager seems to be slimming its boardroom.
Three members of the board at EFG International will step down at the upcoming annual general meeting of the bank. Michael Higgin, Daniel Zuberbuehler and Fong Seng Tee won’t stand for reelection, the company said in a statement on Friday.
The Swiss private bank's most senior advisor in Asia is due to step down from a role he assumed just last year: Tee is arguably the boutique lender's best-known market-face in Asia. All three board members are industry veterans: Higgins is a former PwC partner, while Zuberbuehler was head of Switzerland's banking regulator until 2008.
Indonesian Ties
Before he joined the EFG last year, Tee was vice-chairman of private banking in Asia for Credit Suisse, a role in which he nurtured deep relationships with the region's ultra-rich. Prior to Credit Suisse, he was with industry-leader UBS in Singapore.
The bank said Tee was «stepping down in order to pursue other business opportunities» but did not elaborate on what these might be. Tee, an avid golfer who can be found on courses across the region, is known to be close to several large investors in Indonesia.
Chairman Stands for Reelection
Stuart Robinson will take the seat of Higgins as head of the audit committee and Susanne Brandenberger has already assumed the chair of the risk committee from Zuberbuehler. EFG seems not to have plans to replace the two board members though.
The board, in which Latsis patriarch Spiro Latsis, as well as his son John Spiro Latsis, also sit, consisted of 14 members so far. Chairman John Williamson will stand for reelection.
Replacement for Fong Seng Tee
EFG International has started looking for a replacement for Fong Seng Tee. The ex-manager of Credit Suisse was elected to the board a year ago. Now, he already will step down to pursue other business interests.
