Credit Suisse is replacing the head of its Channel Islands activities with an investment banker, finews.asia has learned.
Roy McGregor, who has been head of Credit Suisse's business in the Channel Islands since 2006, is stepping down at year-end, U.K. private bank head Phillip Harris wrote in a memo to staff seen by finews.asia.
The Swiss bank said that Paul Annegarn would replace McGregor, effective Dec. 1, pending regulatory approval.
Annegarn has been with Credit Suisse since 1997, save for a five-year stint with J.P. Morgan's investment bank.
McGregor Remains Advisor
He merged private banking systems in Guernsey, Gibraltar and the U.K. and was most recently the European operating chief for equities, covering both cash equities and prime services.
Most notably, he led efforts to move Credit Suisse's prime brokerage business in Europe to Dublin, which proved a boon to the bank after CEO Tidjane Thiam unveiled a wide-ranging restructuring and cost-cutting last October.
McGregor will remain with Credit Suisse as an advisor, Harris said.
