Liechtensteinische Landesbank said today that it has appointed Professor Heinz Knecht, former chief executive of LLB subsidiary Bank Linth, as head of the retail and corporate banking division and a member of the bank’s executive management board. He takes up the new role from 1 July.

As a result of the change, Dr David Sarasin takes over from Professor Knecht as chief executive of Bank Linth. (This bank is 75 per cent owned by LLB).

As announced in late March this year, the LLB Group is realigning its organizational structure, the bank said in a statement.

"With his broad spectrum of knowledge, his profound professional expertise and exceptional conceptual skills, the former CEO of Bank Linth will ideally complement the LLB’s group executive management," Dr Hans-Werner Gassner, chairman of LLB, said.

The recruitment process for the vacant position of head of the private banking division is underway and probably will be completed in the next few weeks, LLB said.

The new structure also enables closer involvement of subsidiary firms in the management process.

In addition to the new structure at the Group Executive Management level, the LLB Group’s new organizational structure provides for a closer involvement of the subsidiary companies in the management processes.

“Accordingly, great importance is attached to the appointment of the CEO of Bank Linth,” LLB said, explaining the appointment of Sarasin as chief executive to Bank Linth.

"David Sarasin will provide important impulses to help establish Bank Linth as one of the leading retail and private banks in eastern Switzerland," said Georges Knobel, Bank Linth chairman.

Under the new structure, the retail and corporate banking (Prof Knecht), private banking (Roland Matt ad interim) and institutional clients (Urs Müller) market divisions will be formed at the group executive management level, LLB said.

The group chief financial officer (Christoph Reich) and the group chief operating officer (Dr Kurt Mäder) will also be positioned at this management level. Together with the group CEO Roland Matt, the group executive management team will consist of six members.