FILE Image: The brand of Swiss lender UBS is viewed at a branch place of work in Basel, Switzerland March 2, 2020. REUTERS/Arnd Wiegmann

DUBAI (Reuters) – UBS AG has appointed a senior HSBC banker, Tarek Eido, as head of prosperity administration in Qatar as the world’s major prosperity manager prepares to open up a prosperity administration office in Doha, in accordance to an inner memo.

The go arrives immediately after UBS signed a nonbinding memorandum of comprehending with the Investment Marketing Agency of Qatar in November to open up a prosperity management business office in Doha in the course of the 1st 50 percent of 2021.

UBS by now has a presence in the United Arab Emirates, Saudi Arabia and Bahrain. Qatar, a significant exporter of gasoline, is among the the richest nations in the earth.

Eido will start out on March 1, reporting directly to Ali Janoudi, head of Prosperity Administration Center East and Africa at UBS, the memo reported. A UBS spokesman verified the memo.

Eido joined HSBC in January 2011 and is currently the industry head of Qatar, Kuwait and Lebanon, the memo mentioned. He formerly labored at International Lender of Qatar as a non-public banking senior supervisor.

“Our designs to extend our small business in the Center East sign our determination to this critical area wherever UBS has experienced a presence for over 50 years,” the UBS memo claimed.

Reporting by Saeed Azhar in Dubai Editing by Matthew Lewis