Credit Suisse has lured Ali Hammad from UBS to lead its Middle East private banking business based in London, while at the same time tapping its Swiss rival for two further additions to the same team.

Mr Hammad will join Credit Suisse in early April as managing director and head of Middle East private banking.  He will report to Ian Marsh, chief executive of the UK private banking business, and Bruno Daher, who is chief executive of Middle East private banking and co-CEO of Credit Suisse’s businesses in the Middle East.

Mr Hammad’s arrival at Credit Suisse is preceded by that of Ashkan Anbari who has already joined from UBS.  The third appointee, Martine Woodward, will join at the end of March.  Both Mr Anbari and Ms Woodward report to Mr Hammad.

The appointment of Mr Hammad is an important move for Credit Suisse as part of its strategic growth plans for private banking.  The three hires can also be seen as a sign of the firm’s commitment to the UK as a key offshore centre for wealth management.

This week, US bank Morgan Stanley, increased its stock recommendation on Credit Suisse to “overweight”, taking the view that the bank has more potential for book value growth than for many other banks.

On the wealth management side of Credit Suisse’s operations, Morgan Stanley predicts that the Swiss bank will see assets under management rise by 10.7 per cent in 2009 and by 9.5 per cent in the following year.

“While we are mindful of the fragility of market conditions, we think CSG [Credit Suisse] has much better potential for book value growth in Europe than the vast majority of banks we cover, where dilution and book value destruction remain the main issues,” said a briefing note by Morgan Stanley analyst Huw van Steenis.