The bank, headquartered in Switzerland, described the arrival of the three bankers as a "pivotal step" in its Asian expansion.

Bank J Safra Sarasin has appointed former JP Morgan senior figure May Hsu as chair for its Asia business. She will succeed Mignonne Cheng, who has been made executive chairman for Asia. Cheng was named “chairman Asia” more than four years ago.

Hsu will be joining the bank with two other private banking senior figures from JP Morgan, Guo Quan Ng and Lawrence Lee, effective yesterday. Hsu and Ng will report to Andy Chai, CEO for Asia, the firm said in a statement yesterday.

In her previous role at JP Morgan Private Bank, Hsu was vice chair, Asia. She has worked in the wealth management space for almost four decades. There had been media reports at the start of June that Bank J Safra Sarasin had recruited her; at the time, the bank declined to comment.

Ng is a private banking veteran with more than 16 years of experience in the financial industry, including more than 14 years at JP Morgan Private Bank. Lee has almost 30 years of experience in the sector, with more than 20 years at JP Morgan Private Bank.

“The promotion of Mignonne Cheng and the appointment of May Hsu and her accomplished team is a pivotal step in the bank’s vision to deepen its presence in Asia,” Daniel Belfer, CEO of Bank J Safra Sarasin, said.

Andy Chai, CEO Asia, added: “In the past five years, our business in Asia has grown multiple fold.”