There have been a number of rapid changes to the leadership in the Swiss bank's wealth arm in the Gulf region.
UBS has elevated Niels Zilkens to lead its wealth business in the Middle East, this news service can confirm.
The story originally appeared in Bloomberg. A UBS media spokesperson confirmed the details.
Bruno Daher, who was promoted to be UBS’s top executive for the wealth management division in the Middle East just three months ago, will now be chairman of the division, according to an internal memo. Zilkens plans to unveil his own leadership team shortly.
“Our clients in the region are eager to move forward and do business with the new UBS,” Christl Novakovic, who leads UBS’s wealth management business across Europe, the Middle East and Africa, said in the memo.
Daher was was previously Credit Suisse’s top executive in the Gulf region. He was named Novakovic’s top deputy in the Middle East in July. Ali Janoudi, who previously ran UBS’s wealth business for the Middle East and Africa, resigned from the bank.
UBS is in the process of incorporating the Credit Suisse
operation following the acquisition earlier in the year. The Gulf
region of the Middle East has become a hotspot for private banks
and wealth managers seeking to cash in on its rising wealth.