Liechtenstein-based LGT Bank has appointed new CEO, the company has announced.
Norbert Biedermann, who has been with LGT for more than 40 years, will retire on 20 June 2017.
He joined LGT Bank in Liechtenstein in 1974 after completing his banking apprenticeship and since then has worked in different departments including accounting, internal audit, foreign exchange, money market trading and investment advisory.
He became a member of the executive board in 2001 and was appointed as CEO of the bank in 2011.
His successor is Roland Schubert, who started working with LGT in 2002 building up private banking business in Germany and its seven German locations.
During his time as CEO at LGT Bank Deutschland&Co OHG he looked after the client business, the products and services offering and the marketing, HR and controlling departments.
After LGT Bank Deutschland was sold in 2011 he moved to Bethmann Bank, joining its board of directors. But in 2013 he returned to LGT Bank in Liechtenstein to become a member of the executive board responsible for the direct client business.
Meanwhile, Mark Steiner is going to join the executive board of LGT Bank in July 2017 and will be responsible for PB operations, projects and the master data department.
Ivo Klein will continue to look after corporate governance topics and the branches of the bank, while Markus Werner will remain responsible for managing and expanding the business with intermediaries.
Commenting on Schubert's future responsibilities, the board of directors of the bank said:
'This internal solution for succession underscores the importance that we attribute to continuity in management.
'We are convinced that this decision will set the course for the further successful development of LGT Bank Ltd.'