The bank said that targeted clients are entrepreneurs and their families, managers of companies, high-net-worth individuals, leading law and tax advisory firm's partners, popular athletes and artists as well as institutional clients.

The new branch is to be headed by Tomas Koncicku. Previously, he held the position of director at the Czech branch of Deutsche Bank Osterreich (formerly Sal Oppenheim), which he set up in 2005, the report said.

Koncicky is quoted by the publication as saying the firm intends to win at least 100 clients for private banking business within two years.

“The Czech Republic is a promising market for Bank Gutmann. A growing number of clients from this region are placing their trust in us. We have successfully served Czech clients from Vienna for years. With the new branch in Prague, we are now closer to them,” Gordian Gudenus, partner responsible for CEE activities of Bank Gutmann, said in a statement.