By Stefania Spezzati
(Reuters) – Julius Baer has proposed former HSBC CEO Noel Quinn as next chairman, in a move intended to steer the scandal-hit Swiss bank and wealth manager into calmer waters.
Shareholders will vote on Quinn’s appointment at the annual general meeting on April 10, the bank said on Friday. He succeeds outgoing chair Romeo Lacher, who will step down in April.
“It is a real privilege to be nominated to take on the chair role of the largest pure play wealth manager and one with such a great heritage,” Quinn, who spent 37 years at HSBC, said in a statement.
Quinn is expected to take up his mandate on May 1 and will work closely with Julius Baer’s newly appointed CEO Stefan Bollinger, who joined the bank earlier this year.
Quinn’s appointment comes as the bank tries to turn a page after suffering major losses from exposure to collapsed property group Signa.
Earlier this month, Julius Baer said it aims to cut costs and will present a strategy update in June. The bank also disclosed that Swiss financial market regulator FINMA started enforcement proceedings against it following its 586 million Swiss francs ($648 million) losses on loans to Signa.
Quinn is seen as a steady hand who could also help soothe the bank’s relationship with FINMA, according to a person with knowledge of the matter.
His appointment reflects Julius Baer’s ambitions to operate in Asia and globally, the person added.
A spokesperson for Julius Baer declined to comment.
Quinn announced he was leaving HSBC in April last year. He oversaw a raft of asset sales, navigated the global pandemic and a push by an activist investor to break up the bank.
“Having spent over 37 years in the international financial services sector, I am looking forward to working with the board and management team to capitalise on the many exciting opportunities ahead of us,” Quinn said.
Vice Chairman Richard Campbell-Breeden will assume the role of interim chair until April 30, Julius Baer said.
(Reporting by Stefania Spezzati in London and Harshita Meenaktshi in Bengaluru; Editing by Krishna Chandra Eluri, Kirsten Donovan, William Maclean and Nia Williams)
