Credit Suisse to retain Winterthur chief executive

Credit Suisse will appoint Leonhard Fischer as chief executive of Europe, the Middle East and Africa (EMEA).

Fischer is chief executive of Winterthur, the insurance group sold by the Swiss bank to Paris-based Axa earlier in the year.

Fischer will replace Michael Philipp, who will become chairman of the bank in the EMEA region. In his new role, Fischer will report to Oswald Grübel, Credit Suisse’s chief executive, and be based in London.

The bank said Philipp would continue to play a key role developing strategy and will remain a member of the executive board. He will also remain in London and report to Grübel.

Fischer and Philipp will assume their new roles in March 2007.