Swiss bank Vontobel has appointed a new head of its private banking business, as it seeks to target key markets including Eastern Europe and Russia.
Georg Schubiger, a 43-year-old Swiss national, will replace Peter Fanconi in September, following Fanconi’s decision to “pursue a new professional challenge outside the group”.
According to Vontobel, the appointment coincides with an intensification in the development of its private clients business. Schubiger has spent the past ten years in senior management roles at Danske Bank, where he most recently served as a member of the executive board.
In his new role, Schubiger, who also has experience of conducting business in Eastern Europe and Russia, will report to Zeno Staub, the chief executive officer of Vontobel.
Staub said: “The private clients business continues to be confronted with significant challenges. Georg Schubiger will lead the further development of Vontobel Private Banking and will realign the business in a targeted manner to reflect the new realities in the finance industry.
“Here, our approach will be based on our core competencies within our integrated model, our strong Swiss home market, our defined focus markets and the ongoing implementation of a sustainable cross-border strategy."
Vontobel, a family-owned bank which was established in Zurich in 1924, specialises in wealth management for private clients and asset management for institutional investors, in addition to investment banking. At the end of 2011, it held CHF132bn ($142bn) of assets.