Swiss banking giant UBS is taking a considerable step in bolstering its position in the Middle East by appointing a new management team for investment banking.
UBS is putting down a marker about its ambitions in the Middle East. The Swiss banking giant has appointed a new management team for its dealmaking unit in the region. It has also hired a veteran from Deutsche Bank for its wealth management division to step up its activities.
The breadth of experience of these executives suggests UBS has opted for an aggressive expansion strategy into the region.
Ambitious Plans
According to a report by news agency «Bloomberg», UBS has appointed Hazem Shawki head of Middle East and North Africa investment banking, including global banking and markets (article behind paywall). Tara Luthra will lead the global banking division with corporate advisory and capital market transactions for the Middle East, according to informed sources.
Shawki, who before joining Credit Suisse (CS) in 2019 led the investment banking business of US financial giant Goldman Sachs in the Middle East, took part in some of the largest transactions in the region. Before joining CS, Luthra worked at Morgan Stanley.
Expansion in Asset Management
No less noteworthy is the recruitment of Bassel Zaouk, a Deutsche Bank veteran, who is to join UBS’ wealth management division. This would be UBS’ first major hiring in the Middle East since the acquisition of CS last year.
With 17 years of experience under his belt at Deutsche Bank, most recently as chief country officer in Saudi Arabia, Zaouk will have knowledge of the regional markets and a network to match. His move to UBS can be seen as a clear indication that the bank wants to step up its activities in the region.
Betting on Arabian Wealth
The Persian Gulf is increasingly becoming a hub for global financial flows. The region’s abundant oil resources make it an attractive playing field for investment banks and asset managers from all over the world.
Driven by the prospect of lucrative profits, they are increasingly focusing on powerful economic actors: wealthy families and influential businesspeople. Against this background, the Gulf region is not only evolving into a strategic hub within the geopolitical landscape but also into a lucrative stage for ambitious financial transactions.
Financial Mecca for Swiss Actors
More and more Swiss private banks and asset managers are joining the boom and significantly expanding their presence in the Gulf region, as finews.com reported.
UBS is using its acquisition of CS as an opportunity to rebuild its regional investment banking business after discontinuing its dealmaking and advisory units in 2022.
