Fernando Abril-Martorell, former chief operating officer of Telefónica, has joined Credit Suisse as chief executive in Spain. He oversaw the Spanish telecommunications firm's flotation, a multi-billion euro rights issue and several high-profile acquisitions.

He will take charge of the bank's corporate and investment banking, asset management and private banking businesses in Spain with immediate effect. He reports to Michael Philipp, the bank's chairman and chief executive in Europe, the Middle East and Africa.