The chief executive of Adler & Co Privatebank,Peter Haber, has resigned to work as an independent manager, to be replaced by Urs Kaufmann with immediate effect, the bank said.

Adler & Co, which is a wholly-owned subsidiary of Lucerne Cantonal Bank, did not elaborate on Mr Haber’s future business plans, according to a statement by the Swiss private bank.

Also leaving the bank is Urs Uttinger, chief operating officer. He is leaving to pursue a new career, the bank added.