Fimbank president Margrith Lütschg-Emmenegger is retiring from her position, and will be replaced by Simon Lay as of January 1, 2015.

Lütschg-Emmenegger joined Fimbank as executive vice-president in April 2003, and was its president for 14 years. She is retiring “due to personal reasons”, but will still act as a consultant to the bank.

In a statement, Fimbank’s board expressed its sincere gratitude toward Lütschg-Emmenegger, thanked her for contributions throughout her tenure and wished her all the best for her retirement.

Lay will take over as acting CEO ad interim, subject to regulatory approval. He joined London Forfaiting Company (LFC, part of the Fimbank Group) in 1991, and helped expand its operations in the Americas, the Middle East and Turkey.

He is also Fimbank’s representative officer in the UK.