Pascal Kiener appointed CEO of BCV

Pascal Kiener will replace Alexandre Zeller as CEO of BCV Group with effect from 1 May 2008. Mr. Kiener is currently the Group’s CFO. In addition, Markus Gygax has been appointed to take over from current Executive Board member Jacques R. Meyer, who is stepping down as head of the Retail Banking Division. Mr. Gygax is currently in charge of the Distribution Division at Postfinance, the financial services arm of Swiss Post.

Lausanne, Switzerland, 9 April 2008 - Earlier today, the Vaud Cantonal Government appointed Pascal Kiener as BCV’s new CEO on the recommendation of the Bank’s Board of Directors. After examining numerous high-quality applications over a period of nearly two months, the Board decided unanimously in favor of Mr. Kiener, who is the Bank’s current Chief Financial Officer (CFO). The Board is firmly convinced that he is prepared to take on the major challenges that lie ahead for the Bank thanks to his strategic vision as well as his ability to implement major projects and deliver results. His ability to attract, motivate and focus talent makes him a natural leader. Mr. Kiener will take up his new duties on 1 May 2008 and will continue as acting CFO until his successor is appointed.

A key player in BCV’s turnaround

Mr. Kiener joined BCV in June 2003, and immediately played a key role in engineering the Bank’s turnaround, expanding the role of the Finance & Risks Division. Under his leadership, this Division improved the Bank's asset quality by reducing the impaired-loan portfolio and enhanced risk management. As head of Finance & Risks, Mr. Kiener was instrumental in the major projects implemented over the past few years at BCV. His contribution has helped the Bank to convincingly reposition itself on the financial markets.

Mr. Kiener was born on 22 April 1962, is married, and has three children. He lives in the Lausanne region. He received an 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. Mr. Kiener spent three years with Hewlett Packard before joining 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 acquired great experience in the financial services sector while working as an advisor for major financial institutions in Switzerland and Europe.

New Head of Retail Banking

Jacques R. Meyer, head of the Retail Banking Division and member of the Executive Board since 2002, will leave BCV in accordance with a desire he expressed over a year ago. He will be taking up new activities of a social and humanitarian nature. The Board of Directors and the Executive Board would like to sincerely thank Mr. Meyer for his contributions, which include his extraordinary personal commitment, vast knowledge of the banking industry and outstanding loyalty. Mr. Meyer will leave BCV after a two-month transition period with Markus Gygax, his successor as head of the Retail Banking Division. Mr. Gygax was appointed by the Board of Directors.

A specialist in retail products and distribution

Markus Gygax has a solid background in banking and extensive experience in the fields of insurance and retail products. After working for several years at Zurich Cantonal Bank, he moved to the Swiss Banking Corporation and then Helsana, where he was in charge of retail products and distribution for private clients. He joined Postfinance in 2002 as a member of Executive Management and head of Distribution. Mr. Gygax leads a division of 800 people at Postfinance, and is responsible for the systems and distribution channels targeting both businesses and individuals throughout Switzerland.

Mr. Gygax was born on 18 June 1962, is married and has three children. He has a degree in business administration from Zurich Business School (HWV) and also holds an MBA-FSI from the University of St. Gallen.

Contact(s)

Christian Jacot-Descombes, Press Officer
Phone + 41 21 212 28 61
E-mail

Wilhelm Blaeuer, Investor relations
Phone + 41 21 212 20 71
E-mail

This press release is being issued outside the trading hours of the SIX, Swiss Exchange in order to comply with the principles of ad hoc disclosure pursuant to the SIX listing rules.

The above text is a translation of the original French document; only the French version is authoritative.