Strong leadership for a strong bank

Our management is comprised of seasoned professionals with strong experience in finance and related fields.

  • A message from our Boards
  • Board of Directors
  • Executive Board
  • Norinvest Holding SA
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A message from our Boards

Our promise: Banking on a human scale

We live in a world of remarkable technical innovation. Today, it seems that almost anything can be had with the push of a button, and that there is hardly any part of our lives that technology does not touch. This is certainly true of the world of banking, which, although always heavily dependent on technology, is currently experiencing what may be its most profound period of technological change ever.

There is much good in this. As investors, our globalised financial system allows us access to more markets, products and services than ever before. Today individuals and small asset managers can easily make use of capabilities previously reserved only for the largest organisations, at a fraction of the cost compared to just a decade before. 

But there is another side as well. For all our communications channels and social media platforms, the modern world can sometimes feel impersonal. For all of the miracles of modern finance, banking can seem that way too. With its technical sophistication, its mathematical precision, and its impenetrable jargon, our industry today seems for many a far cry from what they used to understand under the term ‘bank’.

We are well aware of this. At Banque Cramer, we have great respect for the tools of modern finance, and have made it our business to master them. But we have never lost sight of the fact that banking is as much an art as it is a science. That is because, at heart, it serves very human ends: the creation and protection of wealth, whether for individuals or organisations, so that they can prosper, and society along with them.

As your trusted advisor, our promise is simple. You can be confident that we are very good at what we do. You can always count on us to do our job thoroughly and with your best interests in mind. And you can be sure that we will never forget what banking really is: a human endeavour, built on a strong, mutually respectful, human relationship.

Manuel Leuthold
Chairman of the Board of Directors
Stephan Keiser
Chief Executive Officer a.i.


Strategic leadership

Board of Directors

Our Board of Directors is responsible for the strategic direction and oversight of our business. Its members bring a wealth of business and financial industry experience to our bank.

Members of the Board of Directors:

Manuel Leuthold

Chairman of the Board

Manuel Leuthold obtained a Master of law and a Master of Sciences (Economics) from University of Geneva.

He then joined UBS where he spent 27 years in several positions in Corporate and Institutional Banking, Commodity Finance, Trade Finance and Retail Banking in Geneva, Lausanne and Zurich where he was Head of Corporate and Institutional Clients Switzerland and Member of the Swiss Executive Committee.

He also spent 4 years as Chief Administrative Officer of the Edmond de Rothschild Group, based in Geneva and worked in Private Banking and Asset Management.

He was appointed by the Swiss Federal Council as Chairman of the Board of Directors of compenswiss (Swiss Social Security Funds) as of 1 January 2016. He is also Chairman of the Economic Development of the Canton of Vaud and sits on the boards of various banks, companies and institutions. Manuel Leuthold joined the Board of Banque Cramer & Cie SA in April 2016.

Michel Ehrenhold


Michel Ehrenhold holds degrees from the University of Geneva (law) and the London School of Economics (LL.M. in Commercial and Corporate Law), and qualified as an attorney-at-law in Geneva. He has 15 years of experience in investment banking in Zurich, where he advised numerous clients on capital markets transactions (primarily equity capital markets) and on mergers and acquisitions (M&A). Michel Ehrenhold is also a financial analyst certified by the CFA Institute (CFA charterholder).

In 2015, Michel Ehrenhold was appointed Group Secretary General at NORINVEST HOLDING SA. He joined the Board of Directors of Banque Cramer & Cie SA in April 2016.

Massimo Esposito

Board member

A founding member of Norinvest Holding SA (NIH) and its Chairman since its inception, Mr Esposito is one of NIH’s leading exponents. With NIH’s background in the industrial and property sectors, his first challenge was to refocus its activities on the financial sector, initially through asset management, later through securities dealing, and finally through the creation of Banque Cramer & Cie SA in 2003.

Alongside these roles, Mr Esposito was the driving force behind the 2007 takeover by NIH of Groupe Golay Buchel Holding (GBH), which he had chaired for 20 years. The strategic conversion of Groupe GBH – which specialised in luxury jewellery on an international scale – to the financial sector enhanced NIH’s financial strength and, under Mr Esposito’s leadership, saw it obtain a listing on the SIX Swiss Exchange stock exchange in 2008. 

Sophie Maillard

Board member

Sophie Maillard started her career as a lawyer in the Compliance Department at Credit Suisse in Zurich. In 2005, she joined the Swiss Federal Banking Commission in Bern (afterwards called FINMA) as a specialist in the Authorisation Department for Banks and Securities Trading Companies. Since 2012 she has been a partner at BRP Bizzozero & Partners SA in Geneva. The firm specialises in advising banks and financial institutions on regulatory and compliance issues. 

Ms Maillard is a lecturer at the University of Geneva for the Certificate of Advanced Studies in Compliance Management and also co-author of a publication written with Alessandro Bizzozero on relations between depository banks and independent asset managers. She joined the Board of Directors of Banque Cramer in 2015.

Alain Sierro

Board member

Alain Sierro holds a Master's degree in Economics from HEC Lausanne and a Diploma in "Finance and Investment" (CFPI).

In 1999, he founded DynaCapital SA - a company specialising in the management of hedge funds - in Switzerland and the United States.

In his previous role at UBS, he was responsible for Switzerland's trading in Canadian securities and also managed a nostro account for American equities and options.

He joined the Norinvest group in 2004 and was CEO of Banque Cramer & CIE SA from 2005 to October 2008 and a member of its Board of Directors from 2008 to 2011.

Still in the Norinvest group, he was at the head first as CEO and later as Managing Director of Golay Buchel Holding SA (GBH). He played an important role in the strategic conversion of this listed holding company specialising in international high jewellery to the financial sector, punctuated by a merger with Banque Cramer & Cie SA.

He has also served on the Board of Directors of several NIH Group companies, including NIH.

In February 2011, Alain Sierro founded SFO Partners SA, a Geneva-based multifamily office, mainly active in wealth management and corporate finance operations.

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Operative leadership

Executive Board

The Executive Board is responsible for the operative leadership of our bank. It is comprised of highly experienced financial industry professionals with a wide range of proven skills.

Members of the Executive Board:

Stephan Keiser

Chief Executive Officer a.i.

Stephan Keiser started his career at Banque Falck in Lucerne and then joined Julius Bear for 10 years, working in London, New York, Guernsey and Hong Kong. He moved to Vontobel for another 10 years before joining EFG International and since 1.4.2018, Banque Cramer – always focused on servicing wealthy clients in various management positions.

Marc-Henri Balma

Chief Operating Officer

Marc-Henri Balma is the Chief Operating Officer of Banque Cramer since 2019. 

Stéphane Poulin

Chief Financial & Risk Officer

Stéphane Poulin began his career at PricewaterhouseCoopers in 1992 as part of the audit and business advisory group in Canada, then in Switzerland.  He joined SYZ Group in 2003 as Group Financial Controller and was appointed Group Chief Financial Officer in 2013.  He joined Banque Cramer & Cie in 2019 as Chief Finance & Risk Officer. He is a member of the Executive Committee where he provides his extensive finance, risk management and bank regulatory experience.

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Norinvest Holding SA

Banque Cramer & Cie SA is wholly-owned by Norinvest Holding SA (NIH), a company having family origins in the industrial sector going back to 1871.

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