Private bankers leave Credit Suisse in an exodus from the Spanish unit | Economy | Credit Suisse | Spain | Asian | United States | Europe | USB | United States | Banks | | Economy

The group includes Christian Thames, a 17-year veteran of the bank who served as CEO, and Patricia Fitzgerald, a private banker, said a person familiar with the matter, who asked not to be named. And according to that person, Ignacio Diez, the unit’s head of fixed income, is also among those leaving the entity.

The moves in Spain are part of the staff departures that occurred at Credit Suisse after a protracted crisis that culminated in the acquisition of the entity by UBS in March, coordinated by the Swiss government. The turmoil has led to the departure of dozens of bank employees from Asia to the United States and Europe to participate in the competition.

Also read: Credit Suisse will buy Ecuador’s bonds worth $1,628 million

Credit Suisse has been serving Spanish clients for more than 30 years through our local and global capabilities in wealth management, asset management and investment banking.The bank said in a statement that it remains fully committed to its business and clients in the country. Hispanic clients will continue to be served by members of the existing teams.. Thames, Fitzgerald and Dies could not be reached for comment.

UBS has agreed to sell its Spanish private banking business to smaller local rival Singular Bank in 2021. As part of that deal, the Spanish bank claims that UBS has a non-compete clause that effectively bars it from doing private banking in the country.

Spanish media reported that UBS will have to compensate Singular Bank if it intends to keep Credit Suisse’s private banking activities in Spain. Singular is managed by the former CEO of Banco Santander SA, Javier MarĂ­n.

Also read: The European Commission unconditionally approves Credit Suisse’s UBS bailout

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