Foreign Banks Name New Head

Switzerland's foreign banks named a veteran Swiss banker to replace ex-head Kristine Braden of Citigroup. His second deputy is set to be named in coming months.

The Association of Foreign Banks in Switzerland named LGT Switzerland boss Heinrich Henckel as its new president, the lobby group said on Wednesday (in German). He replaces Kristine Braden, who left Switzerland five months ago to take a job as Citi CEO Mike Corbat's chief of staff, as finews.com reported.

Henckel is a Swiss finance veteran who was CEO of Switzerland's stock exchange from 2001 until 2008. Trained as a lawyer, he previously worked as an attorney in Hong Kong, Indonesia and Switzerland before joining LGT in 2009. Henckel, who was named CEO of LGT in Switzerland six years ago, also sits on the board of the Swiss Bankers Association – the wider industry body – as well as business lobby Economiesuisse.

High-Profile Exits

Adrian Noesberger, CEO of Schroder & Co Bank, remains first vice-president and represents the foreign bank body in other groups including the Swiss Finance Institute, or SFI. The foreign bank group, or AFBS, said it wants to complete its top ranks by naming a second vice-president in coming months, as well as round out its board.

The AFBS represents the interests of some of Switzerland's largest private banks including HSBC, Deutsche Bank, Citi, and Société Générale. The following members stepped down at the AFBS' most recent meeting: