Switzerland's Wegelin & Co is launching an online private bank called Nettobank.

The new bank will only serve the German-speaking Swiss market, WealthBriefing understands. Further information will be announced next week. So far the new bank’s website only says that is will be online soon.

Private banking, like other parts of the financial services industry, is increasingly reliant on the web and technology such as mobile devices. (To view a related article discussing the issues, click here.)

Christian Hafner is the new bank’s chairman of the administrative board. finews.ch, the Swiss-based financial news service, reports that Hafner has headed the Zurich branch of Wegelin since 2007; he is also managing partner at the bank. Prior to joining Wegelin, he was working in the wealth management business of UBS.

Stefan Jaeger is Nettobank’s chief executive. According to finews.ch, he headed Wegelin’s office in Basel, before he was moved to the firm’s headquarters in Zurich in July last year.

Adrian Künzi and Christian Raubach are also members of the administrative board, the publication says. Künzi heads Wegelin’s operations in the French-speaking part of Switzerland, while Raubach heads the asset management business.