EFG International appointed a new chief executive officer for BSI, the Ticino-based private bank it recently acquired. He isn't likely to last long in the position though, because the unit will be fully integrated in less than a year's time.
Thomas Mueller is the new CEO at BSI. He will replace Roberto Isolani with immediate effect, EFG International said in a statement today. Isolani was handed a seat on the supervisory board of EFG International instead.
Isolani lasted only about five months in the job, having replaced Stefano Coduri at the end of May following the investigation into BSI's role in the corruption scandal surrounding the 1MDB state fund of Malaysia.
Chairman of Takeover Board
Mueller was the group CFO at J. Safra Sarasin for six years, the same bank incidentally which EFG Chief Executive Joachim Straehle managed from 2006 to 2013.
Previously, Mueller was head of finance and risk at Swiss Life and at Banca del Gottardo in Lugano (2002 to 2005). He started his career at one of banks that later merged into Credit Suisse as head of the treasury and later switched to Marc Rich Holding, taking charge of trading with interest instruments.
Mueller, 51, is also chairman at the Swiss Takeover Board. The government-appointed commission is a body that ensures compliance with the rules applicable to public offers.
New Head of Americas
EFG International also appointed Marcelo Coscarelli as head of Americas and member of the executive board, starting January 1, 2017. Coscarelli was managing director for wealthy and high-net-worth clients at Citibank Latin America. From 2008 through 2012, he was COO at Itaú Private Bank International in Miami.
EFG International today announced the completion of the acquisition of BSI. It paid 1.06 billion Swiss francs for the private bank, which will be fully integrated into EFG by mid-2017.
