One of the City’s oldest and most exclusive private banks has recruited a new chief executive from outside its family ranks as it attempts to take advantage of the turmoil in the financial sector.

C Hoare & Co, the 337-year-old family-owned bank, has hired Jeremy Marshall, former head of Credit Suisse’s private bank in the UK, to be its chief executive. He replaces Alexander Hoare, a direct descendant of the bank’s founder, who is giving up his executive duties after eight years in charge.