Swiss private bank EFG on Thursday said that it has taken over Credit Suisse teams based out of the ski resorts of St. Moritz and Gstaad.

The bank said that its new offices opened at the locations at the start of the year and that it has appointed two Creid Suisse veterans to oversee the teams: Manuel Blanco as head of private banking Gstaad and Greater Berne Area, and Stephan Uebersax as head of private banking St. Moritz and Engadin.

The small teams only contain a total of 20 staff, but serve a client base of ultra-wealthy individuals who have a primary or secondary residence in the picturesque Swiss locales.

Credit Suisse has been divesting large portions of its business since its shotgun sale to UBS was completed last year. EFG had previously announced that it had taken over the bank’s team in Israel.

Franco Polloni, head of Switzerland & Italy Region of EFG, said: “The expansion of our presence in our Swiss home market will enable us to further enhance client coverage in this attractive region and to continue our growth path in our Swiss home market.

“I am very pleased to welcome Manuel Blanco, Stephan Uebersax and a number of other experienced professionals to EFG. With their vast experience and deep understanding of the local market, I am convinced that they will successfully drive EFG’s expansion and growth in these locations.”

EFG had CHF144 billion in assets under management at the end of 2023.

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