Peter Fanconi, a senior board member of Liechtensteinische Landesbank, is set to leave the firm with immediate effect.

The company said that Fanconi is leaving because he has been appointed as the new chairman for Graubündner Kantonalbank, with effect from 1 April 2014.

According to Liechtensteinische Landesbank, the board of directors will propose a suitable replacement for election by the next general meeting of shareholders.

Hans-Werner Gassner, chairman of Liechtensteinische Landesbank, said: "We have very much appreciated Fanconi as a professional and as a human being. We would like to thank him for his valuable contribution to the LLB Group and wish him all the best in his new position."