Valartis Group AG opened a bank subsidiary in Lugano and optimises its organisational structure. The company has decided to establish a bank subsidiary in the Italian speaking part of Switzerland. As of November 2012, a small private banking team will personally take care of the financial needs of this sophisticated clientele.

The company announced Ernst Traun, long-standing CEO of Valartis Bank (Austria) AG, has decided to step back from his position in Vienna and from his role in Group Executive Management at the end of October 2012 in order to once again dedicate his efforts to client business and front office activity. As a General Representative, he will continue to make a valuable contribution to the expansion of the Group-wide private banking business and help to drive forward the exploitation of Group synergies in global marketing. The Managing Board of Valartis Bank (Austria) AG will then consist of the two other current members Monika Jung and Andrew Hartnett. For the time being, Monika Jung will take on the role of Spokeswoman for the Managing Board. As of November 1, 2012, Valartis Group Executive Management will be reduced from five to four members. For the time being, it will consist of: Gustav Stenbolt (Group CEO), George M. Isliker (Chief Financial Officer and Chief Risk Officer), Vincenzo Di Pierri (CEO of Valartis Bank AG, Switzerland) and Dr. Andreas Insam (CEO of Valartis Bank (Liechtenstein) AG).