Geneva private bank appoints new chief executive after resignation
Société Bancaire Privée has appointed Silvana Cavanna as its new chief executive to replace Eugenio Lapenna who has resigned, according to a statement from the bank.
Angelo Cioffi, head of the bank’s treasury and capital markets unit, has also resigned. Cavanna was previously deputy chief executive and head of private banking.
SBP was not available for comment.
Lapenna was appointed soon after a majority stake in SBP was sold to Banco Profilo, a Milan-based bank, in 2007. The sale was reached after the Swiss financial regulatory threatened to withdrawal the bank’s license if a strategic investor was not found.
Before the takeover, SBP had been struggling for a number of years with a series of regulatory and management difficulties.
In 2008, the bank was fined SFr100,000 by the Swiss Stock Exchange for breaching a series of listing rules.
The bank’s latest published results show that it made a loss of SFr500,000 in 2008, against a loss of SFr6m in 2007.
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