The Swiss Financial Market Supervisory Authority (FINMA), Switzerland’s government authority responsible for financial regulations, announced on Wednesday that the Federal Council appointed Dr Alberto Franceschetti and Marzio Hug to its Board of Directors. According to the press release, both financial experts will replace Franz Wipfli and Bernard Keller, who will leave the Board at the end of 2021.
Dr Franceschetti, who holds a doctorate in economics (HSG), previously served as Chief Financial Officer and a member of the Executive Board of elipsLife, a Liechtenstein-based life insurance company. Additionally, he worked for Credit Suisse from 2008 to 2014 in the Private Banking and Wealth Management teams.
Also, Hug was employed by Deutsche Bank AG until March, where he was a member of the Group Risk Committee and as Chief Risk Officer EMEA and Chief Risk Officer for the Asset Management Division. Further, since 1996, he has held various management positions at the banking institution in various major cities. Moreover, Hug worked for Credit Suisse in Zurich, New York, and London, as well as for Ticino Cantonal Bank.
Amstad's Reaction
“FINMA’s Board of Directors will benefit from the vast experience of [the] two Italian-speaking managers from the financial sector. Both experts bring with them more than thirty years of experience in Risk Management and the loans business on the one hand, and as an entrepreneur and consultant in the insurance and financial services sector on the other hand. I would like to take this opportunity to thank Franz Wipfli and Bernard Keller for their commitment to financial market supervision over many years. They have made an important contribution to the Swiss financial centre through their long service on the Board of Directors and their vast professional expertise,” Marlene Amstad, Chair of the FINMA’s Board of Directors, stated.
Amstad took the lead of the FINMA’s Board of Directors after Thomas Bauer stepped down at the end of last year.
