The Zurich-based bank said it is hiring Marcus Engelhorn in Hamburg, effective immediately. The private banker specialized in wealthy clients from northern Germany was poached from competitor Bethmann, a private bank based in Frankfurt.

The move illustrates Vontobel's determination to build out its wealth management business in Germany, after its activities in the country broke even last year.  

«Vontobel plans to continue growing in Germany in 2017 by reinforcing advisor teams in Munich, Frankfurt and Hamburg,» the bank said in a statement.

Engelhorn joins a team of 20 private bankers Vontobel has in Germany, where the bank is one of about two dozen Swiss banks negotiating with officials in connection with a tax dispute.

Prior to Bethmann, Engelhorn built up LGT Group's business in Hamburg, before it was bought up by Bethmann five years ago.