Private bank EFG International has headhunted teams from Credit Suisse in St. Moritz and Gstaad, causing quite a sensation. Now the teams are starting their work just in time for the ski season – Switzerland boss Franco Polloni gave finews.ch some insight into his plans.
It is now official: EFG International has announced the opening of two new locations in ritzy Swiss ski resorts Gstaad in the Bernese Oberland and St. Moritz in the Engadin region. As revealed in an announcement from the Zurich private bank on Thursday, this is part of the bank’s efforts to strengthen its competitive position in the Swiss home market.
We also learned that EFG has been welcoming clients in both locations since January 3. The bank has appointed Manuel Blanco as head of private banking in Gstaad and the Greater Berne Area; Stephan Uebersax is taking up office as head of private banking for the St. Moritz and Engadin area. Both appointments have been effective from the start of the year.
Both local business heads report directly to Franco Polloni, who is responsible for the national markets Switzerland and Italy at the bank.
A Long Time in Planning
«The decision to have a presence in Gstaad and St. Moritz was made as part of longer-term strategic considerations just after the pandemic,» Polloni told finews.ch. «The events last March were not a determining factor for the decision, however they certainly sped up the implementation.»
«For me, it is the people who are crucial. With Manuel Blanco and Stephan Uebersax, we have found the right personalities who have a strong local bond and are well established here, and can also represent the EFG values to our clients.»
UBS and CS had to React Quickly
Both Blanco and Uebersax are long-standing executives of Credit Suisse who have already worked on the two prestigious tourist resorts with their international jet set clientele on behalf of the major bank. They both switched to EFG in the aftermath of the emergency purchase of Credit Suisse by larger competitor UBS. In doing so, they also each took their acquired team with them to their new employer, which attracted a lot of attention in the scene.
On its part, Credit Suisse had to react quickly and send a further veteran, Hans Baumgartner, to Gstaad. Meanwhile in St. Moritz, there was also a changing of the guard at parent company UBS Switzerland – there too, new bosses are now running the show.
Established Networks
EFG once more confirmed the integration of two high-caliber Credit Suisse teams in Thursday’s announcement. «The new offices are managed by experienced client advisors and specialists who have established networks and extensive experience in supporting clients at these locations,» according to the bank.
The information about the addresses of the new EFG offices in Gstaad (Chalet Daisy Promenade 25/27) and St. Moritz (Via Maistra 11) is probably unnecessary – the wealthy clients of Blanco, Uebersax and their colleagues will sure already know where to find them.
In collaboration with Samuel Gerber and York Runne
