UBS Group has hired a team of private bankers from Credit Suisse as part of its ongoing strategy in the Middle East region.
The hiring includes the appointment of Georges Khoury as deputy head for the UAE, Bloomberg reported citing people familiar with the knowledge of the development.
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Khoury was previously Credit Suisse managing director and the country head for the UAE.
He will now report to UBS wealth management Middle East head Ali Janoudi and Africa and Dubai private banking head Niels Zilkens, according to the sources.
In addition to Khoury, the firm has also hired Raoul Rahme as head of sales and advisory in Dubai. Other new hires include Iyad Jundi, Abdullatif Karami and Sarika Chandwani.
UBS did not comment on the news.
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By GlobalDataCredit Suisse spokesman Dominique Gerster was quoted as saying in an email statement by the news agency: “We confirm the departure of a small team based in the UAE. Credit Suisse remains fully committed to the Middle East region and will continue to invest.”
The firm also divulged that Khoury will be replaced by Saad Osseiran as the country head for the UAE and Oman.
It has also appointed Fahad Al-Ebrahim as the market leader for Kuwait in addition to his current role as a regional strategic client partner.
Last year, UBS wealth unit co-head and president for the Europe Middle East, and Africa region Iqbal Khan revealed plans to double the firm’s client assets in the Middle East and Africa.
The latest development follows a series of new hires in the region by UBS.
In February this year, the group expanded its reach in the Middle East by establishing a new hub in Qatar; its second Middle Eastern hub after Dubai.
In November last year, UBS unveiled plans to bolster its footprint in the Middle East by venturing into the wealth management market of Qatar.
A non-binding MoU has been signed between UBS and the Investment Promotion Agency of Qatar (IPA Qatar) in this regard.
