HSBC Republic Bank, the private banking arm of HSBC, has hired Peter Franz Braunwalder from UBS, to head up the firm in Switzerland.

Braunwalder succeeds Sem Almaleh, who is set to retire as president and become vice chairman of the bank after 34 years in private banking. Braunwalder will join the bank in April and takes up the role as president in May, when Almaleh leaves.