The Chinese banking giant recently had to weather the departure of the Swiss architect of its local branch. Now China Construction Bank has found a replacement from a private bank, finews.asia has learned.
Walter Brandstaetter (pictured below) will be the new chief operating officer (COO) at the Zurich branch of China Construction Bank (CCB), according to an internal letter from Switzerland head Weiyun Gong, made available to finews.com.
Brandstaetter's responsibilities include back office services with operations, IT, finance, and accounting. Legal and compliance head Marc Zulian and risk head Kevin Pekar will report to the newly appointed COO.
(Image: CCB)
On Schroder Bank's Executive Team
His arrival fills a significant void at CCB's local office after Swiss banking veteran Holger Demuth left the institution. Demuth previously held the COO and CFO roles in Zurich since its inception in 2016 and was not only co-architect of the build-up in Switzerland but also the «Swiss face» of the Chinese bank.
Before joining CCB, Brandstaetter was a member of the executive board and head of finance & middle office operations at Schroder Bank in Zurich, a subsidiary of British fund house Schroders, since 2018. Back-office services are being moved to the UK, necessitating a redundancy plan for affected employees.
Important Asian Experience
It was important for CCB's new operational head to have experience in Asia. Between 2006 and 2018, Brandstaetter worked in Singapore for Schroder Bank and DZ Privatbank as a business manager in finance and operations. His first career steps took him through client advisory in private banking in Austria and portfolio management and financial analysis in Luxembourg.
With that experience, Brandstaetter has the «ideal track record for the bank,» says Gong.
Swiss Renmimbi Hub Operator
CCB Switzerland should be considered the most important of all the local branches of China banks, being the only institution to have been granted a license by the People's Bank of China to operate a hub for the Chinese renminbi in Switzerland. According to CCB, its renminbi clearing reached a total volume of over one trillion Swiss francs, corresponding to a Swiss market share of 20 percent.
The branch is an important partner for Swiss exporters and multinationals for their Asian business. The Zurich office is sometimes pressed into service as an unofficial embassy, where delegations from the People's Republic meet with local decision-makers.
