Surprise move at the top of Zurich-based Falcon Private Bank: board member and former Credit Suisse banker Walter Berchtold is taking over from CEO Eduardo Leemann.
Walter Berchtold is back: the well-known private banker is assuming the role as CEO of Falcon Private Bank, the company controlled by the ruling family of Abu Dhabi, Falcon said today.
The 54-year-old is taking over from Eduardo Leemann, 60, who had been in charge for almost two decades. The bank then was called AIG Private Bank and owned by the U.S. insurer. The switch will officially be taking place on October 1.
Leemann will remain at the bank as an adviser and will not become a member of the supervisory board.
Berchtold was a member of the executive board of Credit Suisse (CS) from 2003 through 2012, with his last role being head of global private banking. Berchtold took a seat on Falcon's board in March 2015.
The banker said he had of ideas how to further develop the private bank. Leemann by contrast said the change had become necessary because he wanted to leave the operative business at the age of 60.
Both Leemann and Berchtold insisted that the scandal surrounding the Malaysian state fund 1MDB, which also engulfed Falcon, had nothing whatsoever to do with the change.
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