HSBC is naming Laura Geiger-Pancera as the head of its family office division in Switzerland, effective immediately. it said in an emailed statement on Thursday. The Swiss banker is a 20-year veteran of UBS, where she was most recently head of the Zurich-based wealth giant's client strategy office for ultra-high net worth individuals.

She will continue to be based in Zurich, and report to Tom Cerboni, HSBC Switzerland's head of super-rich clientele. The segment – generally viewed as those with more than $50 million to bank – are «of fundamental importance to the private bank’s growth strategy, and has seen impressive growth in recent times,» Cerboni said.

Run by Alex Classen, HSBC's Swiss bank eked out a profit last year, following years of losses and slimming itself and the markets it does business in. In February, the wider HSBC group said it will pour roughly $6 billion into expanding in Asia, and especially in private banking, such as onshore China.