In the aftermath of the CS collapse, it’s not ZKB, Vontobel, or Benko-Bär that are reaping the most benefits, but EFG. The private bank, with Boris Collardi as a shareholder and board member, is scooping up as many executives and advisors from the fallen Paradeplatz power as it can.
Manuel Blanco, a seasoned private banker with 15 years at CS, 10 years at UBS, and another 6 years at CS, has been given the title of “Head Private Banking Gstaad & Greater Bern Area” at EFG. The second recruit is Stephan Uebersax, who was tasked with expanding CS in the upscale Oberengadin from St. Moritz. He accumulated over 17 years in the ranks of the multinational before his departure.
EFG’s leadership has now appointed him as their “Head of Private Banking St. Moritz and Engadin”. Same seat, different uniform. These two fresh stallions in the bank’s stable, which is majority-owned by the Greek shipping family Latsis and has been gaining strongly on the stock market since Boris Collardi’s entry, report to Franco Polloni.
Polloni, who is not a former CS employee, made his name in Ticino, initially with Banca del Gottardo, which ended up at BSI in 2007, which in turn merged with EFG seven years ago. Polloni is responsible for private banking in Switzerland and Italy at the Greek bank.
The former infantry major is taking a targeted approach. Unlike the heads of Vontobel and ZKB, who are also targeting CS people, Polloni is scoring with transfers of experienced private bankers from the ranks of the major bank. Apparently, EFG’s model, which is described as entrepreneurial, is helping. One is not simply a simple employee, but enjoys extensive freedoms and participates in the profit. More so than is the case with more top-down managed banks.
Thus, under its hitherto little-noticed head of private banking Switzerland, EFG is becoming a magnet in Zurich. Whether the calculation will pay off or whether it will eventually be “all expenses and nothing gained” remains to be seen. However, it is striking that while Vontobel and Co. are talking big about CS transfers, EFG is striking without big words.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇨🇭 🇮🇹 🇬🇷 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Franco Polloni, Manuel Blanco, Stephan Uebersax, Boris Collardi |
| Companies | ZKB, UBS, Benko-Bär, Vontobel, Banca del Gottardo, EFG, BSI, Private Banking Schweiz und Italien, Pictet, CS |
| Currencies | None |
| Securities | None |
