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Berner Kantonalbank CEO to retire

Hanspeter Rüfenacht will retire as CEO of Berner Kantonalbank at the end of June 2019, the Switzerland-based lender said Aug. 10 in its first-half earnings report.

Rüfenacht has been with the bank since 1999 and became CEO in 2012.

Berner Kantonalbank reported first-half net profit of CHF58 million, up 2% year over year, but said low interest rates pushed net interest income down to CHF135.7 million from CHF152.8 million.

For full year 2018, the bank expects profit slightly above the prior-year figure but remains fairly cautious because of the low rate environment and cost management, which will depend on the ongoing IT revamp at the organization.