(Bloomberg) — UBS Group AG hired Tarek Eido from HSBC Holdings Plc to oversee its wealth management organization in Qatar as section of the Zurich-based mostly firm’s enlargement travel in the Middle East.
Eido, who labored for London-centered HSBC for additional than decade, begins on March 1 and will be primarily based in Doha, in accordance to a memo the bank despatched to personnel, and verified by a spokesperson. He will report to Ali Janoudi, who is liable for the Center East prosperity enterprise outside the house of the worldwide relatives workplace.
The new business will open in the future few months and UBS intends to use close to 20 persons by the conclude of the yr, which includes back office environment and support team, as nicely as romance professionals to build business enterprise with Qatari customers, a particular person briefed on the expansion designs mentioned, requesting anonymity because the selecting plans aren’t general public.
UBS in November explained it planned to open up a wealth-administration small business in Qatar soon after signing a memorandum of comprehension with the country’s Financial commitment Promotion Company. Iqbal Khan, UBS’s prosperity device co-head and president for the EMEA location, final year set a focus on to double the consumer belongings it manages in the Middle East and Africa soon after splitting out the region from the broader EMEA territory.
Acquiring a presence on the floor in Qatar opens UBS to the probability of performing business enterprise with one of the world’s most significant sovereign wealth cash, the Qatar Investment decision Authority.
Movie: Databricks CEO on increasing $1 billion in new funding (CNBC)
In the extended expression, the lender programs to expand functions further more right after placing up wealth-management services in Doha, which will provide as a 2nd hub for the Center East after Dubai, people today common with the subject explained. That will incorporate an investment decision banking and asset administration businesses, the men and women reported, also inquiring to continue to be nameless since the matters are private.
Talking publicly for the 1st time as UBS chief govt officer, Ralph Hamers stated through fourth-quarter earnings very last week that the financial institution is searching at its existence in distinct regions and re-assessing no matter if it would be capable to achieve scale, should provide the market place only in a cross-border manner, or find out a community participant to associate with.
In addition to Qatar, UBS has places of work in Saudi Arabia, Bahrain, and Dubai in the United Arab Emirates, according to its web page.
For much more articles or blog posts like this, remember to take a look at us at bloomberg.com
©2021 Bloomberg L.P.