Credit Suisse has promoted one of the top executives of its private banking division in central Europe to become chief executive of the bank’s activities in the region.

The bank has appointed Michael Rüdiger to the newly-created position of chief executive for Germany, Austria, Luxembourg and central Europe. Rüdiger, who has been with Credit Suisse for more than 10 years, was previously head of private banking in the region. He will be based in Frankfurt and starts his new job on March 1.