Additionally, the chairmanship of the management committee will now be held by Yves Biewer.

Cravatte, who turns 71 in a few days, is leaving after nine years of service at the bank. Hoffmann, 56, set to replace him, is currently chairman of the management committee. He, in turn, will be replaced by Yves Biewer, already a member of the management committee and currently in charge of commercial activities.

Hoffmann joined Raiffeisen in 2007 as director after having held various positions at Banque Générale de Luxembourg. A member of the board of directors since 2008, he replaced Cravatte as chairman of the management committee in 2011.

Hoffmann also served as president of the ABBL since April 2018 and vice-president of the Union des entreprises luxembourgeoises (UEL).

57-year-old Biewer joined Raiffeisen in 2013; prior to that, he had worked for a variety of institutions including BIL, UBS and Dexia Luxembourg. He has been a member of the bank's management committee since 2015.

This article originally appeared in French on Paperjam.lu and has been translated and edited for Delano