“This move reflects Julius Baer's long-term commitment to the emerging markets, in which it has identified further growth potential,” the bank said in a statement.

“Under Thomas Meier’s leadership, we have built a very successful business in Asia, the Middle East and Eastern Europe and we continue to see growth potential in these regions. The decision that a member of the executive board should be based in Singapore in order to directly oversee the further development of our operations in the emerging markets, particularly in Asia, underscores our firm commitment to these dynamic regions,” Boris Collardi, CEO of Julius Baer, said.

Mr Meier has been with the company since 2005.