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ZURICH (Reuters) - Credit Suisse has appointed UBS' Italian head of ultra-high net worth clients Gabriele D'Agosta as head of private banking in the country as it seeks to expand in the domestic wealth market, it said on Wednesday.
"Gabriele's drive and experience will help further develop our team in Italy," Credit Suisse's European wealth management head Robert Cielen said in a statement. "We will continue to invest in and hire in this key market, which is of strategic importance to the bank."
The Swiss bank also said it hired five senior relationship managers across Milan and Padua and two further staff members would join its wealth management team in Italy.
Vincenzo De Falco, the European head of the wealth division's investment banking advisory unit, will also relocate to Milan from Zurich, where he was appointed to the role in January.
Formed last year, the tie-up is meant to boost complex transactions and help cross-sell investment banking services to ultra-wealthy entrepreneurs.
While De Falco will continue to serve clients across Europe, his relocation would underline the "importance of the Italian market", Credit Suisse said.
(Reporting by Brenna Hughes Neghaiwi; Editing by Kirsten Donovan)