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EFG Bank has appointed Urs Buchmann as vice chairman and Ashish Gumashta as a member of its Regional Asia Advisory Board. Buchmann brings over 30 years of experience from Credit Suisse, while Gumashta has expertise in the Indian market, previously serving at Motilal Oswal and Julius Baer. Their appointments aim to enhance EFG's growth strategy in Asia, a region crucial for the bank's ambitions.
Boris Collardi, Chairman of EFG International's Regional Asia Advisory Board, has appointed Urs Buchmann and Ashish Gumashta to strengthen the board. Buchmann, a former Vice Chairman at Credit Suisse in Hong Kong, and Gumashta, with extensive experience in the Indian market, will help drive EFG's growth strategy in Asia. As competition intensifies, particularly from Hong Kong and Singapore, EFG aims to expand its presence in the booming Asian wealth market.
EFG Bank AG has appointed Dr. Urs Buchmann as Vice Chairman and Ashish Gumashta as a member of its Regional Asia Advisory Board. With extensive experience in Greater China and the Indian market, respectively, they will guide the bank's growth strategy in the Asia Pacific region. EFG's leadership expressed confidence in their ability to enhance the bank's offerings and capitalize on emerging opportunities.
EFG Bank AG has appointed Dr. Urs Buchmann as vice chairman and Ashish Gumashta as a member of its Regional Asia Advisory Board. Buchmann brings over 30 years of experience in Greater China, while Gumashta has a strong focus on the Indian market. Their expertise is expected to enhance EFG's growth strategy in the region.
EFG International has appointed Urs Buchmann as Vice Chairman of its Asia business and Ashish Gumashta to its advisory team, effective immediately. Buchmann, formerly with Credit Suisse, has extensive experience in the Asia-Pacific region, while Gumashta brings over 30 years of banking expertise, particularly in the Indian market.
EFG International has appointed Urs Buchmann as Vice Chairman of its Asia business and Ashish Gumashta to its advisory team, effective immediately. Buchmann, formerly with Credit Suisse, has extensive experience in the Asia-Pacific region, while Gumashta brings over 30 years of banking expertise, particularly in the Indian market.
UBS has lowered its target for L'Oréal to 415 euros, maintaining a 'Neutral' rating. As the world's leading cosmetics group, L'Oréal's sales are primarily driven by skin care (39.9%), make-up (19.7%), and hair care products (15.4%), with significant contributions from luxury and active cosmetics. Geographically, net sales are distributed across Europe (31.6%), North America (27%), and North Asia (25.9%), among others.
UBS is advancing its IT integration of Credit Suisse, with plans to migrate 1.3 million customers and 110 petabytes of data, marking it as a significant M&A data migration in the financial sector. The bank aims to increase its in-house IT teams from 60% to 85%, retaining specialists from Credit Suisse and reducing subcontractor reliance. Systems integration is progressing well, with 560 applications and 40,000 servers already decommissioned.
Apax Partners will cease new investments in health care, disbanding its dedicated team due to a lack of opportunities in the sector. The firm will reassign team members to other roles while continuing to manage existing health care portfolio companies and focus on technology, services, and internet consumer sectors. Co-CEOs cited regulatory pressures and market variability as key factors in their decision. [Source](https://www.bloomberg.com)
UBS's technology chief, Mike Dargan, announced that the integration of Credit Suisse is progressing well after a successful test run, migrating hundreds of clients from Hong Kong and Singapore. UBS plans to migrate 1.3 million clients, managing 110 petabytes of data, while reducing external contractors and retaining most of Credit Suisse's employees. Despite the complexities and risks involved, investor confidence remains high as UBS shares have surged nearly 56% since the acquisition announcement.
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efg international strengthens asia advisory board with seasoned industry leaders
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08:36 16.10.2024
EFG International expands Asia Advisory Board to enhance growth strategy
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08:30 16.10.2024
efg bank appoints dr urs buchmann and ashish gumashta to advisory board
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efg bank enhances asia advisory board with new appointments
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EFG International appoints new executives to strengthen Asia business
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EFG International appoints new executives to strengthen Asia business
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ubs lowers l'oreal target price to 415 euros maintaining neutral rating
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ubs enhances it integration with credit suisse and increases in-house teams
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apax partners halts health care investments disbands dedicated team
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ubs technology chief confident in credit suisse integration progress after test run
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16:51 10.10.2024
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