Having been chairman for six years, Mr Mirabaud formally announced his decision to resign at a meeting of the SBA board of directors yesterday – a move which the SBA said had been “planned for some time.” At the time of his election in 2003 Mr Mirabaud said he would limit his tenure to six years.

It was also announced yesterday that Mr Mirabaud is to stand down as a managing partner of Mirabaud & Cie at the end of this year. Mr Mirabaud has been appointed as advisor to the bank with effect from 1 January 2010.

Mr Odier, who the SBA said was unanimously elected, will assume the chairmanship of the association on 17 September, Swiss Bankers Day.

“Thanks to Patrick Odier's extensive academic background, his broad professional experience and his reputation within the financial community as a person of strong professional ethics, he fulfils all the current requirements of the position in an ideal way,” the SBA said in a statement.

Mr Odier said his main focuses will be improving Switzerland’s reputation as a financial centre and ensuring that the Alpine state’s fiscal and regulatory conditions remain competitive in international terms.

In addition, Switzerland’s famed banking secrecy has been the subject of sustained rhetorical and legal attacks in recent months and Mr Odier said the importance of protecting financial privacy both domestically and internationally will remain a priority. "Protecting financial privacy in terms of data protection for all bank clients will remain an important responsibility for us as Swiss bankers in future," he said.