May 24, 2016 / 5:31 AM / 2 years ago

BRIEF-BSI says Roberto Isolani to replace Stefano Coduri as group CEO

May 24 (Reuters) -

* BSI says takes note of the announcements by FINMA and MAS in relation to past compliance gaps related to the 1mdb case

* BSI says integration process with EFG is progressing smoothly and as previously announced, once the transaction closes, BSI will be fully merged and integrated into EFG

* BSI says Monetary Authority Of Singapore (MAS) will be allowing the transfer of the assets and liabilities of bsi bank limited (BSI’s Singapore subsidiary) to the Singapore branch of EFG bank ag

* BSI says financial penalties levied by FINMA and MAS will be paid from BSI’s general reserves for banking risks

* BSI says Stefano Coduri decides to step down with immediate effect. Roberto Isolani appointed group CEO

* BSI says has undertaken steps to strengthen management, including introduction of a new chief risk officer and the appointment of a new group legal counsel (Reporting By Zurich newsroom)

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