Swiss private banking firm Lombard Odier has appointed a new managing director for Japan.

Swiss private banking firm Lombard Odier has appointed a former senior Societe Generale private bank executive as a new managing director for Japan, this publication can confirm. 

On 20 November 2013, Keiichi Hirano assumed the role of managing director for Japan. In addition, he will succeed Norbert Joué as president and representative director on 16 December, subject to the board's decision on 13 December, said the firm in an email to this publication. 

Lombard Odier dubbed Hirano as "one of the pioneers" of SocGen's private banking business in the country. He has held various senior roles in Tokyo and Singapore, where he was global head of Japanese private banking clients and global head of real estate, Lombard Odier said.

Japan has - with some exceptions - been a challenging market for non-domestic firms to penetrate, given the dominance of Japanese firms and a traditionally conservative approach by high net worth Japanese citizens towards their savings. Hirano's former employer, Societe Generale, earlier this year agreed to sell its Japanese private bank to Sumitomo Mitsui Banking Corp for an undisclosed sum. That business is the French bank's trust bank in Japan, which provides services for wealthy clients.

As part of the changes at Lombard Odier, Joué will move to a broader regional role in Asia but will be working closely with Hirano to ensure a smooth transition, the Swiss firm said. Joué has held the role for four years and will be occupying a newly-created Singapore based post where he will lead the firm's integrated private client offering in Asia. He then reports to Vincent Magnenat, local managing director of Lombard Odier in Singapore.

Lombard Odier has been operating in Asia for more than 25 years and has offices in Hong Kong, Tokyo and Singapore. In Japan, it has partnerships with Bank of Ryukyus, Yamaguchi Bank, Shizuoka Bank, Momiji Bank, Chiba Bank, Kitakyushu Bank, Ibis Capital Partners, Okazaki Shinkin Bank and Kagawa Securities. It also has partnerships with JBWere in Australia and KB Kookmin Bank in South Korea.