Zurich-based private bank EFG International has appointed Enrico Piotto as its new chief risk officer and a member of the executive committee, beginning 01 June 2021.
Piotto, who has 20 years of experience in the banking space, had been head of Lending for Wealth Management Europe at Deutsche Bank since 2018.
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He has also held various key positions at UBS between 2003 and 2018, including Risk Control lead for the Establishment of Wealth Management lending offering strategy, chief risk officer for Wealth Management Europe, Emerging Markets and Global Head of Wealth Management Transaction Decisions.
In his new role at EFG, Piotto will report directly to EFG International CEO Giorgio Pradelli. He replaces Raj Singh, who resigned as chief risk officer on 31 December 2020.
Commenting on Piotto appointment, Pradelli said: “I am very pleased that Enrico Piotto is joining EFG as our new Chief Risk Officer.
“I am convinced that with his deep expertise and professional knowhow as well as his proven leadership skills, Enrico will further enhance our strong risk management framework and make a significant contribution to the bank’s strategic development and success. I look forward to working with him and wish him every success in his new role.”
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By GlobalDataRecent developments at EFG
Last month, EFG enhanced its presence in Cyprus as part of its strategy to focus on geographies that have ‘long-term growth potential’.
Last November, the bank named Patrick Ramsey as the new head of Continental Europe & Middle East Region, which is said to be its second biggest region in terms of assets under management.
The same month, EFG reported a steady performance for Q3 2020, with assets under management increasing to CHF151.3bn ($165.1bn).
Net inflows in the quarter were at the top end of its 4-6% target range while its underlying cost/income ratio at the end of Q3 stood at 80%.
