Swiss private bank EFG International is appointing a new head of legal and compliance in its top management. The Swiss private bank is mired in a potentially costly legal skirmish in Taiwan.
Zurich-based EFG is hiring Yves Aeschlimann as chief counsel, effective May 1, the Swiss bank said in a statement on Thursday. He replaces Vittorio Ferrario, the current compliance boss, who is leaving.
Aeschlimann (pictured left) was previously with Edmond de Rothschild in a similar role, and also part of top management. He has also been a judge in Geneva, and previously worked in Washington for the World Bank as a financial services specialist.
Broader Role
The new chief counsel has a broader role than his predecessor: while Ferrario was merely responsible for compliance, Aeschlimann will also oversee legal affairs. EFG is locked in a legal skirmish in Taiwan over a $200 million loan over an insurance deal, as finews.com reported.
Ferrario, who played an instrumental role in the integration of trouble Banca della Svizzera Italiana, or BSI, will remain until March.
