One of the few female CEOs of a listed Swiss bank is stepping down. The move comes amid the backdrop of a shareholder skirmish over the recent acquisition of the wealth manager.
Geneva-based Banque Profil de Gestion CEO Silvana Cavanna is stepping down, as is Chairman Fulvio Pelli, who is to be replaced by Geneviève Berclaz at the Swiss private bank's shareholder meeting on April 20, it said in a disclosure to the Swiss exchange.
Cavanna is to be replaced by an as-yet disclosed executive from One Swiss Bank, which is in the process of acquiring BPDG. A product of Arner and GS Banque, One Swiss Bank is emerging as a consolidator of Swiss assets, including recently some from defunct Falcon Private Bank.
Merger Snag
The BPDG acquisition was meant to conclude in the first quarter, but hit a snag when minority shareholder Symphony opposed it. The Sion-based family office, which holds 15 percent of the bank, accuses another shareholder – Italy's Banco Profile – from offloading its shares at a more favorable price, Swiss agency «AWP» reported (not available online).
Symphony has lodged an objection to the events with Swiss financial market regulator Finma. The resignation of Cavanna as well as other measures can be interpreted as a concession to the minority shareholder ahead of what promises to be a heated shareholder meeting next week.
