Vontobel yesterday unveiled a growth initiative for its wealth management business in Eastern and Central Europe and said it was setting up ...

Vontobel yesterday unveiled a growth initiative for its wealth management business in Eastern and Central Europe and said it was setting up a division to target these regions.

The Zurich-based bank said it has hired Rene Frischknecht to spearhead the initiative. Mr Frischknecht joins from Dresdner Bank in Switzerland, where he was responsible for various international private banking markets and is regional head.

“The Vontobel Group currently handles Russia, Poland, the Czech Republic and Slovakia from Zurich and Vienna,” the bank said in a statement.

“As part of its growth programme, there will be a clear increase in the number of relationship managers for Eastern and Central Europe at these locations, and the Vontobel Group will also be setting up a Geneva-based unit for this market.”

Vontobel also announced that it was setting up a wealth management solutions division to serve its private banking business. The new division will be headed by Andreas Feller.