Leading Swiss Bank Taps Three Top U.S. Executives for Key Positions; Robert F. Agostinelli, Sheldon S. Gordon and M. Steven Langman Join Union Bancaire Privee

Business Wire, May 13, 1996

NEW YORK--(BUSINESS WIRE)--May 13, 1996--Union Bancaire Privee (UBP), one of Switzerland's largest private banks, today announced the appointments of Robert F. Agostinelli to the bank's executive management committee, Sheldon S. Gordon to the position of chairman of the bank's newly-formed U.S. subsidiary, who will also be elected to UBP's board of directors, and M. Steven Langman to the role of president and chief executive officer of the U.S. subsidiary.

"We are pleased to welcome to our group three of the most well-regarded investment banking executives in global finance today," said Edgar de Picciotto, chairman of the board of Union Bancaire Privee. "Their international experience and credentials will make a significant impact on the bank's commitment to enhance our presence in the major financial markets."

Mr. Agostinelli, 42, was a senior managing director for international investment banking in the New York office of Lazard Freres & Co. LLC. He will be based at UBP's Geneva headquarters where he will serve on the executive management committee. He will oversee international private banking and worldwide advisory investment banking services.

Mr. Agostinelli joined Lazard in 1987 after five years with Goldman, Sachs & Co. where he founded that firm's international mergers and acquisitions business in London. He holds a B.A. from St. John Fisher College and an M.B.A. from Columbia University.

Mr. Gordon, 60, has been with The Blackstone Group since 1991 where he served, since May 1995, as a limited partner and chairman of Blackstone Alternative Asset Management L.P. Prior to that he was a general partner in the firm. As chairman of the newly-formed U.S. subsidiary of Union Bancaire Privee, he will be headquartered in New York and will be elected as a member of UBP's Board of Directors. Prior to Blackstone, Mr. Gordon was at Lehman Brothers and its successor firm Shearson Lehman from 1975-85 where he was vice chairman an and a member of the Board of Directors responsible for all investment banking activities. From 1985-90, he was chairman of Stamford Capital Group, a Director of TDB American Express in Geneva and chairman of American Express Bank, A.G.

Mr. Langman, 34, was a managing director since 1993 at Lazard Freres & Co. LLC and the youngest person to be named to that position in the firm's 150-year history. As president and chief executive officer for UPB's newly-formed U.S. subsidiary, he will oversee the mergers and acquisitions advisory business, establish a merchant banking operation, and develop private banking and asset management services for U.S. investors.

Prior to joining Lazard's New York office in 1990, Mr. Langman spent three years with Lazard Freres & Co., Limited in London. Previously, he was with Goldman, Sachs & Co. in New York and London. He holds a B.A. with highest honors from The University of North Carolina and an M.S.c. from The London School of Economics.

Established in Switzerland in 1990 as a result of a merger between Mr. Edgar de Picciotto's Compagnie de Banque et d'Investissements (CBI) and TDB American Express, Union Bancaire Privee (UBP CBI-TDB) currently ranks among the largest private banks in Europe specializing in private banking and asset management.

UBP provides individual and institutional clients with banking and financial services that include foreign exchange, money markets, deposits, liquid assets and treasury management, securities underwriting and dealing and investor services. It is headquartered in Geneva with principal offices throughout Asia, Europe and South America.

With a balance sheet total of more than Sfr. 12 billion (US$ 9.6 billion) and equity capital in excess of Sfr. 1.2 billion (US$ 964 million), UBP reported consolidated profits of Sfr. 154 million (US$ 128.6 million) in 1995. UPB recently announced its 17 percent participation in Brazilian bank Banco Excel-Economico, and in November 1995, acquired 100 percent Nordfinanz Bank Zurich from Merita Bank.

CONTACT: Peter Himler, Gus Weill

212/614-4082, 5157

or

Beatrice Silverstein, UBP

41-22-819-2608