Hyposwiss Private Bank, a subsidiary of St Galler Kantonalbank, has tapped HSBC Guyerzeller to appoint Siegfried Peyer as its new chief executive. Mr Peyer was formerly deputy chief executive at Zurich-based HSBC Guyerzeller. According to AFX News, he will start his new job in September. Marcel Schmid resigned as chief executive of St Gallen-based Hyposwiss last November after St Galler Kantonalbank announced that it was to split the division which he headed and make Hyposwiss independent under a separate chief executive. Mr Peyer will take over from Theodore Horat who has been acting chief executive at Hyposwiss since Mr Schmid's departure and now moves to a role on the supervisory board. Prior to HSBC Guyerzeller, Mr Peyer was at Pictet where he was responsible for the private banking business in Asia and Australia, as well as various positions in investment management.