October 3, 2022

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UBS hires HSBC banker as head of Qatar wealth enterprise – memo

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FILE Image: The logo of Swiss bank UBS is seen at a branch workplace in Basel, Switzerland March 2, 2020. REUTERS/Arnd Wiegmann

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

The transfer will come soon after UBS signed a nonbinding memorandum of comprehending with the Investment decision Promotion Agency of Qatar in November to open up a wealth management office in Doha in the course of the 1st fifty percent of 2021.

UBS currently has a existence in the United Arab Emirates, Saudi Arabia and Bahrain. Qatar, a main exporter of gasoline, is among the richest nations around the world in the planet.

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

Eido joined HSBC in January 2011 and is at this time the marketplace head of Qatar, Kuwait and Lebanon, the memo mentioned. He previously labored at International Bank of Qatar as a private banking senior manager.

“Our ideas to extend our enterprise in the Center East signal our determination to this crucial region in which UBS has had a presence for about 50 years,” the UBS memo mentioned.

Reporting by Saeed Azhar in Dubai Modifying by Matthew Lewis