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Valiant changes CEO of private bank unit

Mon Jan 5, 2009 3:36pm EST

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ZURICH, Jan 5 (Reuters) - Swiss banking group Valiant (VATN.S) said it has appointed Martin Gafner CEO of its Valiant Privatbank (VPB) unit from March 15 to replace Marco Durrer, who is leaving the company by mutual agreement.

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Gafner currently heads Investas AG, a small bank managing 400 million Swiss francs ($372.1 million) of assets for 350 clients that will become a 100 percent subsidiary of VPB under its current brand.

Midcap Valiant, one of Switzerland's top 10 retail banks, said Thomas Loetscher, another member of VPB's management, will also leave the company by mutual agreement. (Reporting by Jason Rhodes; Editing by Brian Moss)

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