The world's largest reinsurer is enlisting a former top Credit Suisse executive. He is the second high-ranking Swiss banker to join Swiss Re, after UBS CEO Sergio Ermotti.
The Zurich-based reinsurer will ask shareholders to vote Joachim Oechslin to join its board at its annual meeting next month, it said in a statement on Thursday. Oechslin was Credit Suisse's top risk boss until last year.
Oechslin is the second prominent Swiss banker to defect to Swiss Re: UBS boss Sergio Ermotti two weeks ago disclosed he is headed for the reinsurer, where he is intended to take over from Swiss heavyweight Walter Kielholz next year.
Cozy Swiss Ties
Oechslin was risk boss at Munich Re for six years until he moved to Credit Suisse in 2013. Swiss Re said it als wants Deanna Ong, a former executive at Singapore's GIC sovereign wealth fund, on its board. Current members Trevor Manuel and Eileen Rominger aren't standing for reelection.
The appointments illustrate the cozy ties in Swiss finance, and especially Credit Suisse and Swiss Re. The reinsurer's chairman, Walter Kielholz, also presided Credit Suisse until 2009 and remained a highly influential board member until six years ago.
