The Swiss bank wants the chairman of British retail bank TSB to join its board. The executive is a former CSFB investment banker and has collected several board mandates.
Credit Suisse is proposing Richard Meddings to join its board at an April shareholder meeting, it said in a statement on Monday. The British-born banker has been chairman of TSB, a British retail bank owned by Banca Sabadell, for two years. He also sits on an influential committee of HM Treasury in the U.K.
The appointment would bring Credit Suisse's disparate board to 14 directors under Chairman Urs Rohner and his deputy, Roche CEO Severin Schwan. The group is currently struggling with a scandal for secretly shadowing at least two top executives, a move that is expected to lead to more C-suite exits.
Frequent Board Flyer
Meddings is a veteran investment banker who previously worked for CSFB, a brand Credit Suisse ditched in 2006. Credit Suisse justified his appointment of Meddings, who previously sat on the boards of Deutsche Bank and Britain's Legal and General, with his financial industry experience as well as his expertise in audit and risk management.
Sabadell, based in Alicante, bought TSB five years ago with hopes of diversifying into the U.K. market. More recently, speculation has circulated that the Spanish bank will exit. TSB has repeatedly struggled with technology after a 2018 crash which locked nearly two million customers out of their accounts.
