Appointments to the Executive Board of BCV

In its session of 5 February, the State Council of Canton de Vaud followed the recommendations of the Bank’s Board of Directors and appointed three new members, currently in senior management, to the Bank’s Executive Board. The nominations will take effect on 1 July 2001.

Messrs. Jean-Claude Grangier, Vice President of the Executive Board and head of Logistics, and Claude Courvoisier, member of the Executive Board in charge of the Financial Division, have announced their wish to take early retirement on 30 June 2001. In addition, Mr. Pierre Fischer will give up management of the Trading Division to become President of the Executive Board, as announced on September 26, 2000.

Mr. J.-C. Grangier will be replaced by Mr. Philippe Sauthier, currently Senior Vice President and Department Head of the Logistics Division in charge of the administrative management of financial market transactions. The position of Mr. C. Courvoisier will be taken up by Mr. Jacques Brossard, currently Senior Vice President of the Financial Division’s Asset Management Department. Messrs. Sauthier and Brossard will be given the rank of Members of the Executive Board. Finally, the successor of Mr. P. Fischer will be Mr. Olivier Cavaleri, currently Senior Vice President of the Trading Division’s Fixed-Income Department, who will be given the rank of Joint Member of the Executive Board.

The Bank’s Board of Directors wishes to express its sincere gratitude to Messrs. J.-C. Grangier and C. Courvoisier for their outstanding contributions to the BCV Group’s development. We would especially like to mention the outstanding manner in which Mr. Grangier has reorganized the administrative services of the bank after the merger with Credit Foncier. As for Mr. Courvoisier, he has significantly reinforced the Group's position in the asset management field, with the result of doubling the assets under deposit from 1996 to now. The Board is pleased that they have agreed to maintain their collaboration with the Group by retaining mandates on the Boards of Directors of certain BCV subsidiaries. The Board also addresses sincere congratulations to the new members of the Executive Board and wishes them success in their new functions.

Lausanne, 8 February 2001