According to reports, the new post holder took on the role over ten months ago when Paul Calello, his predecessor, underwent treatment for cancer.
Now Mr Varvel has been made the permanent chief executive of the division while Mr Calello will become the chairman.
The formerâs current role as CEO of the Europe, Middle East and Africa region will be taken on by Fawzi Kyriakos-Saad, CEO of Russia, the countries of the Commonwealth of Independent States and Turkey, as well as co-head of the Global Emerging Markets Council.
Brady W Dougan, CEO of Credit Suisse, said: âPaul Calello demonstrated extraordinary leadership throughout the financial crisis during his term as CEO of the investment bank.
âEric Varvel has done an excellent job as acting CEO of the investment bank. He and Paul have established a great partnership. Their new roles will enable them to continue to provide outstanding leadership for the investment bank.â
Credit Suisse also announced the appointment of Antonio Quintella as CEO of the Americas.
He is to take over the post from Rob Shafir, who has temporarily been working in the post as well as fulfilling the duties required in his permanent position as CEO of Asset Management.
By Jim Ottewill