BCV Board of Directors Chairmanship

BCV's Board of Directors would like to express its regret at the decision made by the Vaud Cantonal Government (Conseil d'Etat) to put an end Mr Gilbert Duchoud's term of office as Chairman of the Board. Our regret extends to the deliberations behind this decision and the way in which it was made public. In addition, the Board would like to express its admiration for the key role Mr Duchoud has played in the Bank's development over the last few years, years which were very difficult ones for the cantonal economy.

The Board of Directors and the Executive Board have utter confidence in the Bank's future prospects and continued role as a cornerstone of the cantonal economy. It is thus with confidence and in a spirit of fair dealing and loyalty that we intend to work together for these goals with our new Chairman of the Board, Mr Alain Hirsch.

Lausanne, 18 April 2002