The Credit Suisse Group has appointed a new chief executive for its Swiss division, the country's second-largest bank has announced.

Hans-Ulrich Meister will join the group on September 1 and will be a member of the bank's executive board, Credit Suisse said. He replaces Ulrich Kömer, who had been with the bank since 1998.

Until last year, Meister was head of business banking for Credit Suisse's worse-off competitor, UBS.

Meister will be a member of the executive board and as CEO Switzerland, he will report to Brady W. Dougan. He will also report to Walter Berchtold, the bank's global head of private banking.

Credit Suisse reported net income of SFr8.549 billion ($7.87 billion) in 2007, down from SFr11.327 billion in 2006. The 2007 profit was later revised down to SFr7.8 billion after irregularities were discovered in the pricing of some securities.

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