Saxo Bank (Schweiz), the Swiss arm of Saxo Bank, has named Antonio Ferrante as its new CEO, effective 5 January 2015.

In his new role, Ferrante will report to the board of directors of Saxo Bank (Schweiz) AG.

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Meantime, Tobias Straessle will continue to serve as acting interim CEO until Ferrante assumes his new role.

Ferrante’s hire is part of Saxo Bank’s strategy to continue its growth in Switzerland and follows a recent restructuring of the executive team of Saxo Bank (Schweiz) AG.

The restructure has seen Saxo Bank Switzerland’s COO Ian Keates and CFO Martin Beinhoff leaving the bank after jointly disagreeing with a strategic decision which Saxo Bank implemented.

Additionally, the bank has decided to shift the servicing of institutional clients already contracted outside of Switzerland to London or Copenhagen.

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Dennis Malamatinas, chairman of the board of Saxo Bank (Schweiz) AG, said: "Antonio brings more than 25 years of experience relevant to all aspects of our Swiss business such as trading, asset management and private banking.

Ferrante said: "By leveraging Saxo’s technology and multi-asset class trading capabilities, we can empower both our institutional and private clients to seize investment opportunities and engage with the markets in the innovative environment that Saxo offers."