The first of the nominees is Nico Burki, who practises as a legal attorney and is a certified Swiss tax expert, trust and estate practitioner. Previously, he was a partner in the law firm Bär & Karrer, and formerly a tax lawyer for Arthur Andersen in Zurich.

The second nominated director is Bernd-A von Maltzan. He has held a variety of senior positions in Deutsche Bank, including divisional board member and global head of private banking followed by divisional board member and vice chairman, private wealth management in Frankfurt.

Last month, EFG International said it agreed to sell its remaining stake in EFG Financial Products to Notenstein Private Bank, the entity that is composed of the old non-US Wegelin private banking business that was transferred to Raiffeisen Switzerland last year amid Wegelin's tax case in the US.

The Swiss firm has seen its fortunes recover sharply in recent quarters, reversing from a situation when it was making a loss and suffering a wide cost/income ratio. It has shed a number of business units and refocused on its core operations.