New member of the Executive Board

MR PASCAL KIENER APPOINTED CHIEF FINANCIAL OFFICER

The Vaud Cantonal Government (Conseil d'Etat vaudois) met today and approved a proposal submitted by BCV's Board of Directors that Mr Pascal Kiener be made a Member of the Bank's Executive Board, put in charge of the Finance and Risks Division, and named Chief Financial Officer (CFO). He will take up his post on 1 June 2003.

A Strategic Position

The post of CFO is of fundamental importance within the Bank's organization, and its holder plays a key strategic role. As CFO, Mr Kiener will have overall responsibility for the Bank's strategic planning, financial reporting, controlling, risk management and ALM. In addition, he will be responsible for ensuring that the Bank's business and its future development are in line with the relevant legislation and the regulatory framework, in particular that of the Swiss Federal Banking Commission. Mr Kiener will also play a central role within the Executive Board, supporting its decision-making processes, in particular from a risk, performance and value perspective.

A Career Built on Improving Performance For Financial Services Institutions

Throughout his career, Mr Kiener has shown himself to be capable of finding and implementing solutions, at both strategic and organizational levels, that improve the performance of companies. After three years with Hewlett Packard, he joined McKinsey in 1993, and moved up within the company. In 2000 he was made Partner and a Member of the Management Group of McKinsey Switzerland. Mr Kiener has acquired great experience in the financial services sector over the last few years as an advisor for major financial institutions in Switzerland and Europe. In particular, he has managed large projects on topics such as strategy, risk management, controlling, and business process re-engineering.

Mr Kiener was born on 22 April 1962, and is married, with three children. He lives in Lausanne, Switzerland. He took his M.S. in mechanical engineering from the Swiss Federal Institute of Technology in Lausanne in 1985, and also took an MBA from INSEAD in Fontainebleau, France, in 1992.

Lausanne, Switzerland, 16 April 2003

Contact(s)

Daniel Herrera, Head of Communications
Phone +41 844 228 228
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