BERLIN (Reuters) – The Swiss financial market supervisory authority (FINMA) announced on Wednesday the appointment of German Stefan Walter as managing director.

Birgit Rutishauser will remain interim CEO of FINMA until Stefan Walter takes office on April 1, the authority said.

Stefan Walter, 59, has held positions in the general management of the ECB for ten years. He was responsible for developing banking supervision for systemically important banks in the Eurozone before taking care of horizontal supervision within the central bank.

He will leave the ECB at the end of January, according to a spokesperson for the central bank.

The appointment of Stefan Walter as head of FINMA follows months of uncertainty after the departure at the end of September of the former director general of the Swiss financial regulator, Urban Angehrn, without having found a successor.

Stefan Walter will take office at a crucial time for FINMA, criticized for not having reacted early enough or more effectively to put an end to the series of scandals that preceded the bankruptcy of Credit Suisse and its emergency takeover by UBS.

(Reporting Noele Illien and Francesco Canepa, written by Miranda Murray; Stéphanie Hamel, edited by Blandine Hénault)

Copyright © 2024 Thomson Reuters