Yves Maas has been appointed CEO of the Luxembourg unit of EFG, a Swiss private bank.
It is Maas’ second post at the helm of a Swiss lender in the Grand Duchy after he ran the Credit Suisse outfit in Luxembourg.
The takeover of Credit Suisse by UBS in 2023 affected numerous employees in Luxembourg who were not taken on by UBS.
70 to 80 redundancies were made as part of the initial layoff plan in July 2024. A second wave at the beginning of the year involved around 65 to 75 redundancies, and the third wave is currently underway for around 30 to 40 employees.
The remaining employees of the Credit Suisse units in Luxembourg, which previously totalled around 450, were taken over by UBS. Credit Suisse, once one of the oldest financial institutions in Switzerland, has now been wound up.
According to the LCGB trade union, 80% of the former Credit Suisse bankers who were already affected by a social plan have now found a new job, including Maas.
He became chairman of the board of directors at EFG International’s Luxembourg subsidiary in April 2024 and will now take over as CEO on 1 January 2026, the bank announced on Tuesday.
Maas was previously chairman of the Luxembourg Bankers Association (ABBL), from 2014 to 2018.
EFG Luxembourg reported a net profit of €45 million in 2024 with total assets of €3.4 billion and 187 employees.
(This article was originally published by the Luxemburger Wort. Translated using an AI tool and edited by Aaron Grunwald.)
