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As CEO of Quintet Private Bank Luxembourg, Michael Savenay will be in charge of some 300 personnel.Photo: Quintet 

The Luxembourg division of private banking group Quintet Private Bank will have a new CEO as of 1 March. Michael Savenay first joined the group in Luxembourg in 2014 as the head of strategic and commercial project management. After rising to a senior management role in that department, Savenay then moved to the German branch of the group, Merck Finck, where he has been country CEO since December last year.

But following the departure of Søren Kjær, who led both the grand duchy branch and the new developments in the Nordic countries, and who left for personal reasons, Savenay, who has over 26 years in banking, has now moved back to Luxembourg as CEO in charge of some 300 personnel. He will also join the Quintet Europe management committee, which brings together all the group’s subsidiaries in Europe.

Savenay began his career as a branch manager of Bacob Bank and then joined Belgian group Belfius (when it was still known as Dexia). He has a BA in accounting and a master’s in marketing of financial services. When he left the Belgian government-controlled banking group to join Quintet in 2014, he was director of sales and services investment strategy.