May 9, 2018 / 8:49 AM / 6 months ago

UBS poaches investment banker Illy from Credit Suisse

The logo of Swiss bank UBS is seen in St. Moritz, Switzerland, February 10, 2017. REUTERS/Stefano Rellandini

ZURICH (Reuters) - Swiss bank UBS (UBSG.S) has poached star investment banker Marco Illy from arch rival Credit Suisse (CSGN.S).

“We are delighted to announce the appointment of Marco Illy as Head Investment Bank Switzerland. Marco brings client and leadership experience as a 30-year veteran of the industry, having built his career at CS, most recently as chairman of the Corporate & Investment banking division in Switzerland,” a memo announcing the move seen by Reuters said.

UBS confirmed the staff memo from UBS investment banking head Andrea Orcel and Switzerland head Axel Lehmann.

Illy starts his new job in December.

Illy is largely credited with helping Credit Suisse become Switzerland’s leading investment bank, running more than 50 initial public offerings in the country and leading high-profile deals such as Nestle’s divestiture of eye care business Alcon (NESN.S) and the demerger of agrichemicals group Syngenta by Novartis (NOVN.S) and Astra Zeneca.

But in recent years the bank has reshuffled its investment banking operations as it undergoes a transformation under Chief Executive Tidjane Thiam, promoting Didier Denat to head its corporate and investment banking operations in Switzerland as Illy assumed a chairman role.

Credit Suisse on Wednesday said it would not be refilling the role.

Reporting by Michael Shields and Brenna Hughes Neghaiwi

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