Swiss-headquartered EFG International has appointed former senior Merrill Lynch manager Carlos Valle to be chief executive for the Caribbean.

Swiss-headquartered EFG International has appointed former
senior Merrill Lynch manager Carlos Valle to be chief executive for the Caribbean,
replacing Ludovic Chechin-Laurans, who moved to Switzerland
last year to take charge of private banking in Geneva while also becoming deputy CEO of EFG
Bank.

In this capacity, Chechin-Laurans continues to oversee the Caribbean business, and Valle will report to him.

Valle has held a variety of senior roles within Merrill
Lynch, where he worked for over 20 years. Most recently he was managing director,
global wealth management, in New York,
and prior to that, he was managing director at the institutional advisory division.

He was latterly a visiting professor at the Darden School of
Business Administration at the University
of Virginia.

“The dynamic culture of EFG was a strong attraction for me,
and the business is well positioned for continued profitable growth in the Caribbean,” Valle said.

There have been a number of changes at EFG International in
recent months as the bank has pushed through with restructuring moves to boost
profitability after a difficult period in recent years. In November, the deputy
chief executive of EFG International, Lukas Ruflin, stood down from the role to
take a long-planned sabbatical. His role was not replaced as part of a move to
contain costs.

In October last year, EFG International completed the
initial public offering of its structured investments subsidiary EFG Financial
Products, cutting its stake in the firm from around 58 per cent to around 25
per cent.