Switzerland’s largest bank is expanding its business with rich Saudi clients and has hired an experienced banker for this purpose. He will be based in Geneva.
Gabriel Aractingi will manage the assets of rich Saudis from the UBS office in Geneva, according to a report by «Bloomberg», which cited a source familiar with the move.
Aractingi (pictured left) joins from Investcorp Bank, a global wealth manager based in Bahrain. He was in charge of the Saudi business of the bank, a role he previously held at Morgan Stanley. Aractingi started his career at Lombard Odier, one of the Geneva-based private banks.
Rich Pickings
UBS and Credit Suisse are two of the banks to vie for assets of rich Saudis and which aim to increase their share of the business.
UBS aims to double its staff in the country in the coming years. Among UBS’ markets in the Middle East, Saudi Arabia is the biggest individual component.
