Swiss banking giant UBS is making significant moves to strengthen its position in the Middle East. The bank has appointed a new management team for its investment banking division in the region, signaling its ambitions for expansion. Additionally, UBS has hired a veteran from Deutsche Bank for its wealth management division, further indicating its commitment to increasing its activities in the Middle East.
The appointment of Hazem Shawki as head of Middle East and North Africa investment banking, along with Tara Luthra leading the global banking division for the Middle East, demonstrates UBS’s aggressive expansion strategy. Shawki, who previously led the investment banking business of Goldman Sachs in the Middle East, brings extensive experience in the region. Luthra, who previously worked at Morgan Stanley, adds to the breadth of expertise within the team.
In a move to bolster its asset management division, UBS has recruited Bassel Zaouk, a Deutsche Bank veteran with 17 years of experience, including as chief country officer in Saudi Arabia. Zaouk’s knowledge of the regional markets and network make him a valuable addition to UBS’s wealth management division.
The Middle East, particularly the Persian Gulf, is attracting global financial institutions due to its abundant oil resources and the presence of wealthy families and influential businesspeople. UBS’s expansion in the region aligns with the growing focus on the Gulf as a strategic hub for ambitious financial transactions.
UBS’s acquisition of Credit Suisse presents an opportunity for the bank to rebuild its regional investment banking business. With other Swiss private banks and asset managers also expanding their presence in the Gulf region, UBS is positioning itself to tap into the lucrative opportunities available.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇸🇦 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Bassel Zaouk, Hazem Shawki, Tara Luthra |
| Companies | Deutsche Bank, Morgan Stanley, Goldman Sachs, UBS, Credit Suisse |
| Currencies | None |
| Securities | None |
