A significant change is coming to the Cantonal Bank of Geneva. After nearly 25 years in office, Blaise Goetschin is stepping down to pass the torch to a veteran Credit Suisse executive.
The board of directors of Banque Cantonale de Genève (BCGE) appoints Nicolas Kruegel as the bank's new chief executive officer. He joins the Geneva-based bank from Credit Suisse, to replace longtime CEO Blaise Goetschin, BCGE announced Tuesday evening.
Kruegel officially assumes the post on March 6 next year when the bank publishes its annual results. Before that, he'll spend two months under the tutelage of Goetschin.
Credit Suisse Switzerland's Credit Business
Kruegel has been with Credit Suisse Switzerland for the past 27 years, most recently as chief credit officer. He also serves as a board member and chairman of the board ad interim of Credit Suisse subsidiary Bank-now. He'll resign from those mandates in the fall to fully concentrate on his activities at the BCGE Group.
Currently, Kruegel lives in the canton of Neuchâtel but will move his residence to the canton of Geneva.
Significant Growth
Goetschin (pictured above) who has been running the bank since October 2000, is one of the longest-tenured bank CEOs in Switzerland. He turned 65 in September of last year, reaching the age limit for a CEO, and the bank struggled to find a successor, as finews.com reported.
BCGE currently operates 14 business units and has over two billion francs of equity and around 250,000 customers. Its 21 branches in the canton and its presence in Switzerland and abroad employs around 900 people.
