Gustav Stenbolt has been appointed chief executive officer of Valartis Group and Valartis Bank as of mid-September 2007.

In order to comply with regulations, he will step down from his previous positions as vice-chairman of Valartis Group and the Valartis Bank.

Erwin Heri, currently chairman and, since 1 November 2006, interim group chief executive officer, will maintain the positions of chairman of both the Valartis Group and the Valartis Bank.

Mr Stenbolt, currently president of the executive committee of Jelmoli Holding, has been with the Valartis Group since the merger of the former OZ group with the MCT companies in December 2005. He indirectly controls 20.04 per cent of the voting rights of Valartis Group through MCG Holding, Baar - the majority shareholder of Valartis Group.

Mr Stenbolt has had a significant influence on the positioning of the new Valartis Group since the merger. As chief executive, he will now assume responsibility for further implementing and developing the group’s strategic focus on the four business segments: asset management, wealth management, investment banking and real estate structured finance.