Several foundation specialists are joining the Liechtenstein-based banking group LGT, having previously managed the business for Credit Suisse in Switzerland.
Rocco Baldinger became the head of the non-profit desk in LGT's private banking division at the beginning of December, as was confirmed by LGT at the request of finews.com.
In his new role, Baldinger is responsible for expanding the business with Swiss foundations.
Lucrative Business
Baldinger previously worked for Credit Suisse for over six years, most recently as deputy head of partnerships, foundations & acquisitions. He is now joined at LGT by two other Credit Suisse alumni.
Business with foundations is considered lucrative for banks, and why institutions are increasingly getting venturing into the space. LGT is also in the process of building up its private banking business.
Long-serving Executives
Baldinger joins a growing group of long-serving Credit Suisse executives who have turned their backs on the ailing bank in recent months. In Switzerland, the bank is expected to cut around 2,000 jobs by 2025 as part of its restructuring.
