Credit Suisse, Switzerland’s second biggest bank, has transferred the head of its Middle East private banking equity research arm from Dubai to Geneva.

Kamran Butt will now support private banking sales in Switzerland with research after six years in the United Arab Emirates.

The Swiss lender said in a statement that it is looking to replace the role locally as it remains fully committed to the MENA region.

The latest World Wealth Report by RBC Wealth Management and Capgemini showed that the high net worth population in the Middle East rose by 2.7 per cent from 2010 to 2011 and reached 450,000. Total wealth held in the region increased by 0.7 per cent to $1.7 trillion. However, many wealthy people in the region have moved their assets to safe havens such as Switzerland and London since the Arab Spring.

When reporting its financial results for the second quarter in mid-July, Credit Suisse said it is increasing its end-2013 cost-savings target to SFr3 billion ($3.07 billion) from SFr2 billion, of which SFr450 million are to take place in private banking.

Moreover, the private banking arm of the bank logged a pre-tax income in the second quarter of 2012 of SFr775 million, a year-on-year decline of 7 per cent but a rise of 28 per cent on the previous quarter.