Steven Hellman has stepped down as chief executive officer of Credit Suisse Group AG’s Russian business after heading the Swiss bank’s business in the country since 2010.
“We’re going through a very difficult transitional period for the industry and that’s exacerbated in Russia by the particular political and other issues the country is facing,” Hellman said in an interview Tuesday. “Hopefully, we’re at the bottom and things will begin to improve over the next coming months and over the next few years.”
Dmitry Kushaev, Credit Suisse’s head of private banking in Russia, will take over as CEO, according to a statement from the Zurich-based lender.
Russia’s banking industry has been under pressure for the past two years as Ukraine-related sanctions hobble state lenders and foreign-owned institutions including Deutsche Bank AG and BNP Paribas SA scale back operations.
“It’s time to do something different and I’m looking forward to working here in Russia for the foreseeable future,” Hellman said. “I’m sure I’ll do something related to finance and management.”