SG WARBURG managing director Rodney Ward has been appointed regional chief executive of Swiss Bank Corp (SBC), replacing Wayne Peters who resigned yesterday, sources at both banks say.
The surprise appointment has been made before SBC's proposed US$10.56 billion purchase of the British bank has been officially approved by Warburg's shareholders.
The deal will result in the formation of a huge new global bank, SBC Warburg, of which Mr Ward will be regional chief executive.
His appointment has confirmed the widely-held belief that existing Warburg management would dominate the Asian operations of SBC Warburg.
'What this basically says is that Warburg will be running the show in Asia,' said an SBC source.
SBC spokesmen in Switzerland and Hong Kong declined to comment on the appointment until the deal had been officially approved.