Markus Maag, who will join the management team in October, has been at at the firm since 2004, heading up Suisse Orientale (a region in northeast Switzerland comprising five cantons).

The premium banking unit was created in 2006 and now has 46,000 clients, growing by 30 per cent over the last three years.

Bank Migros has 770,000 and manages SFr33 billion in client assets (around $33.6 billion) according to the firm’s press statement.