Joachim Straehle, boss of Swiss private bank EFG International, is consolidating his power: he's hired the former head of J. Safra Sarasin Germany to take charge of special projects, research by finews.ch revealed.

Joachim Straehle and Nils Ossenbrink know each other well: they worked together at Sarasin and now they're reunited at EFG International.

Ossenbrink has been awarded the title of senior vice president at EFG, according to his profile on Linkedin. He will take charge of special projects, research by finews.ch revealed.

At J. Safra Sarasin, Ossenbrink was in charge of the German business before departing in August. The manager wanted to move back to Switzerland, where his family is based.

Managerial Firepower for Takeover?

Thanks to Straehle, his former colleague is now back where he wanted to be. Ossenbrink is the second top manager EFG has poached from J. Safra Sarasin. Straehle appointed Peter Fischer as head of strategy, PR and marketing at the beginning of the year.

The duties of Ossenbrink aren't yet clear. EFG hasn't answered the question of finews.ch yet. But the economist may yet become very busy soon.

Hands-On Manager

After all, EFG has been mentioned as a possible buyer of BSI private bank. The integration of such a big company would require substantial managerial manpower at EFG.

Ossenbrink proved at J. Safra Sarasin that he is a hands-on manager. The bank had come off its way before he took over in 2013, and he steered the unit back into calmer waters. The departure of Ossenbrink may yet prove a setback for his former employer.