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Credit Suisse and Swiss Re shuffle boards

Swiss Re and Credit Suisse both announced a reorganisation of their boards on Monday as Credit Suisse's Walter Kielholz stepped down to become chairman of Swiss Re.

Hans-Ulrich Doerig, vice-chairman at Credit Suisse, will take replace Kielholz, who will stand for re-election as a member with no functional duties.

Kielholz leaves Switzerland's second-largest bank to replace Peter Forstmoser, who will resign from the board on May 1, Swiss Re said.

Swiss Re, the world's largest reinsurer announced a 2008 loss of SFr864 million ($735 million) for 2008 and writedowns of SFr5.9 billion.

"Even though the current results of Swiss Re are disappointing, the core business is intact and its prospects are excellent," Kielholz said in a statement issued by Swiss Re.

In a statement released to announce the changes, Credit Suisse said it had started 2009 off well.

"In view of the bank's very strong capital base, clear strategy, experienced board of directors and excellent management team, the Board believes that this is an appropriate moment to make these changes," it said.

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