Bank Alpinum is tapping larger rival LGT for a new head of private banking. The move is part of a recovery bid following several major scandals.

The Vaduz-based bank is hiring Martin Wachter as its head of private banking, effective immediately, it said in an emailed statement on Thursday. He is an eight-year veteran of LGT, where he is currently responsible for international markets including Russia and Ukraine.

He replaces Jacqueline Kraemer, who had held the role temporarily and will in future be Wachter's deputy. Alpinum is righting itself after a series of scandals, and now wants to focus of specialized wealth management and digital services for private clients, intermediaries, and entrepreneurs in its home market, Germany, Austria, Switzerland, and Eastern Europe.