Mr Christopher Preston appointed member of BCV Executive Board

MR CHRISTOPHER PRESTON APPOINTED MEMBER OF BCV EXECUTIVE BOARD; WILL HEAD UP THE BANK'S PRIVATE BANKING AND ASSET MANAGEMENT DIVISION

The Vaud Cantonal Government (Conseil d'Etat vaudois) met yesterday and approved a proposal by BCV's Board of Directors that Mr Christopher Preston be appointed Head of the Bank's Private Banking and Asset Management Division and Member of the Executive Board. Mr Preston will be with the Bank from 10 November 2003, and will officially take charge of the PBAM Division on 1 January 2004.

A Rich and Varied Banking Career
Mr Preston has over two decades of experience in the banking industry. From 1980 to 1993 he was with Bank of America, first in London, then in Zurich, and finally in Frankfurt. During this period his areas of responsibility ranged from credit to capital markets and trading. In 1994 he joined the Executive Board of Rothschild Bank AG in Zurich, initially as the bank's CFO, and in 1996 was appointed Head of the Private Banking Division.

Mr Preston moved to Citigroup Private Bank in 2001, where he was Chairman of Citigroup Switzerland and Division Executive responsible for European wealth management operations, including the Salomon Smith Barney brokerage units. Mr Preston managed about 1,000 people in different countries at Citigroup.

A Strategically Important Division at BCV
BCV's Private Banking and Asset Management Division comprises wealth and asset management activities both for the Group and the Parent Company. Total Group assets on deposit currently amount to roughly CHF 50 bn. Wealth and asset management activities are one of the three core areas of business that Management defined during the strategic re-alignment that took place early this year, and they are thus a strategic priority for the Bank. Mr Preston's mission at BCV will include strengthening the Bank's position in Vaud Canton and Switzerland as well as implementing an effective international business development strategy.

Profile
Mr Preston was born on May 24th, 1954. He is English; his wife has dual Swiss and British citizenship. He took a law degree from Southhampton University (UK) in 1975 and an MBA from Cranfield University / INSEAD in 1980.

Lausanne, Switzerland, 31 October 2003

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Daniel Herrera, Head of Communications
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