Jürg Haller, a former UBS executive, is set to become chairman of Bank J Safra Sarasin and a board member for the private bank's parent, J Safra Sarasin Holding. 

He replaces Ilan Hayim, who will resign from both boards but stay on to ensure a "smooth transition" over the coming months, the firm said. Mr Hayim has worked at the group since 2013 when he joined the firm from HSBC Guyerzeller Bank and HSBC Private Bank in Switzerland, where he was vice chairman.

Mr Haller, whose appointment is subject to shareholder approval, has substantial experience in the banking sector both in Switzerland and globally.