The bank said development of its Asia strategy is important for its overall growth ambitions.

EFG Bank AG, part of Zurich-listed EFG International, yesterday said that it has appointed former Credit Suisse senior figure Dr Urs Buchmann as vice chairman and Ashish Gumashta as a member of its regional Asia advisory board, effective immediately. 

Dr Buchmann has more than three decades’ experience in Greater China. Most recently, he served as VC of Credit Suisse in Hong Kong, where he was responsible for developing its activities in Greater China and other markets in the region, including Japan, Vietnam, Singapore, Thailand, Bangladesh and Mongolia.

Gumashta, who has 30 years’ experience dealing with the Indian market, has served as managing director of strategic initiatives at Motilal Oswal, the Indian financial services group, and as the executive chairman and CEO of Julius Baer, India.

“With their extensive professional experience and expertise, I am convinced that they will be a valuable addition to the advisory board and will be instrumental in driving the further development of our strategy in this region, which is of key importance for the delivery of EFG’s growth ambitions,” Alexander Classen, chair of the board of directors of EFG International, said.

In September, EFG added to its Hong Kong branch. Seamus Yin, as previously reported, was named as market group head – Hong Kong and China, “Ultra Clients.” In addition, Miao Miao and Lianghan Chen were named team heads and client relationship officers, respectively, both reporting directly to Yin. 

The Swiss group posted its first-half 2024 financial results in July. Net profits grew by 10 per cent year-on-year to a record SFr162.8 million ($184 million) in the first half of 2024. In late May, rumours circulated that the firm might merge with fellow Swiss bank Julius Baer. (It appeared that story was unfounded, and neither bank commented when asked about it. This news service's editor wrote about the episode here.)