Rahn+Bodmer, the oldest private bank in Zurich, has a new head. His predecessor is devoting himself to a new area within the bank.

The Zurich-based private bank named Eric Steinhauser as its new head. Previously head of financial services at Rahn + Bodmer, Steinhauser replaces Robert Bill, as partner Christian Rahn told finews.com on Wednesday. The news was first reported by «Neue Zuercher Zeitung» (in German, behind paywall).

In addition to his running the bank, Bill had also overseen Rahn + Bodmer's technology and sat on top management. In future, the Swiss banker will devote more of his time to digitization, Rahn said. 

«There are a lot of ongoing processes that need to be brought into line with digitization, for example mobile applications, investment advice, or payments.»

U.S. Penalty Looms

Founded in 1750, Rahn+Bodmer is the oldest private bank in Zurich and manages 12 billion Swiss francs ($12.1 billion). It is one of the few true remaining «banque privée» remaining in Switzerland – where the partners vouch for the bank's solidity with their own funds.

Besides Rahn, the bank's partners are Peter Rahn, Martin and Christian Bidermann and André Bodmer. Rahn + Bodmer is managed by Steinhauser, Bill, Alexander Facchinetti, and Ueli Hostettler.

The partners represents the three families which have run the wealth manager for several generations. Rahn + Bodmer is one of five Swiss banks still being investigated by U.S. prosecutors for their dealings with U.S. clients.