Bank Sarasin has added another ex-Clariden Leu executive to its ranks, the seventh employee it has hired from its recently-integrated Swiss rival.

Bank Sarasin has added another ex-Clariden Leu executive to its ranks, the seventh employee it has hired from its Swiss rival which was recently integrated into Credit Suisse.

David Louie joined Swiss private banking boutique Bank Sarasin this week as managing director and vice chair, client advisory. Based in Hong Kong, Louie reports to Enid Yip, chief executive officer, Asia. His Greater China team of three relationship managers and their assistants joined Bank Sarasin in April from Clariden Leu, headed by Janice Lee, head of credit management.

Louie was most recently a member of the board of directors and head of Clariden Leu Asset Management in Hong Kong, where he managed a team of 50. He has 20 years industry experience and occupied his most recent role since 2009. Prior to Clariden Leu, Louie worked at Deutsche Bank Private Wealth Management as a managing director and group head, Greater China from 1995.

“We continue to see the most experienced wealth management professionals choosing to move to Sarasin because we are a client-focused boutique private bank. These industry veterans know that Sarasin can provide a superb platform for their clients," said Enid Yip, chief executive officer, Asia.

Sarasin had client assets of SFr 96.4 billion ($102 billion) and employed approximately 1,700 staff as at December 2011. Its majority shareholder is the Rabobank, the Netherlands-based bank.

Historic private bank Clariden Leu was integrated into Switzerland's Credit Suisse earlier this year, and although around 70 staff are expected to move across, attrition has been heavy.

Last month UK lender Barclays announced the hire of former Clarien-Leu senior bankers Erliena Yulianawati and Martina Bigliardi Moehr. Rival Coutts also hired Elaine Ngim as director and head of fixed income, last month, coming over from Clariden Leu in Singapore. In March, Jupiter said it had appointed former Clariden Leu manager Evelyn Lederle as senior sales manager for Switzerland. A team of 18 left Clariden Leu's Middle Eastern team in its Zurich office for Julius Baer, also in March.

Over five hundred jobs are expected to be cut, to achieve annual cost savings of $220 million as a result of the integration.

A spokesperson for Credit Suisse said: "Following the legal integration of Clariden Leu with Credit Suisse on 2 April, more than 70 Clariden Leu employees have joined Credit Suisse Private Banking Asia Pacific, with more than 70 per cent of them being front staff, including relationship managers, assistant RMs, product specialists/investment consultants. Another 20 plus will remain on a temporary contract basis to assist with the technical migration during these few months."