It's the end of an era at Bank Avera. Since 2001, the Zurich regional bank has been headed by Rolf Zaugg, who after 28 years at the bank, is taking early retirement, according to a statement on Thursday.

To fill his shoes, the board of directors appointed André Wegmann as his successor, effective April 1. He joined the bank in 2010, serving most recently as head of retail banking, a role in which he will continue, and a member of the executive board. 

Before joining Avera, Wegmann worked in various senior roles for a major bank. According to his Linkedin profile, he was with Credit Suisse for about 14 years.

«With André Wegmann, we have chosen an internal candidate who has known the bank for many years,» said Avera Board Chairman Donato Scognamiglio. «With his professional experience and his open and approachable personality, he will be able to make a significant contribution to the further development of our regional bank.»

Executive Board Expansion

The bank is also expanding its Executive Board from three to five members. In addition to Wegmann as Chairman, Patrick Schueepp, Head of Finance and Risk Management, and Patrick Wiedmer, who will head the Corporate Center, are appointed to the bank's management. Fabio Perlini becomes responsible for corporate and private banking, while Stefan Lutziger continues to head operations. The new organizational structure also takes effect on April 1.

From Savings to a Regional bank

Zaugg (pictured below) guided and developed Averna from a savings bank in the Zurich Oberland region into a leading regional bank in the greater Zurich area, the statement continues. Zaugg, who also chairs the board of directors of Pfandbriefbank schweizerischer Hypothekarinstitute, turns 63 later this year.

Avera emerged from Clientis Zuercher Regionalbank in 2020. In the first half of 2022, the institution, which is strongly anchored in the mortgage business, reported a profit of 7.64 million Swiss francs, up around 25 percent higher. Mortgage loans at Avera amounted to 3.85 billion francs as of mid-2022, with total assets of 4.69 billion.

Zaugg leaves just as the bank moved into its new headquarters in Wetzikon in November, where around 120 employees work. It has twelve branches in the Zurich Oberland, on the shores of Lake Zurich, and in the city of Zurich.