Credit Suisse is aiming for more business from Spain and Portugal's ultra-wealthy. The Swiss bank is raiding crosstown rival UBS of three private bankers to do so.

The Zurich-based bank is hiring Jorge Guillen as head of Spain and Portugal internationally, it said in a statement. Guillen was most recently UBS' head of Iberian ultra-high net worth clients internationally.

He is defecting with two UBS colleagues, Daniel Gonzalez and Guillermo Galofre, who will join Credit Suisse as relationship managers. Guillen, Gonzalez, and Galofre will be based in Geneva.

Key Push with Ultra-Wealthy

The super-rich segment is key to both Credit Suisse and UBS' wealth management efforts. Both Swiss banks have pledged to more closely link up their wealthy clients with their investment banking arms. At UBS, ultra-wealthy head Joe Stadler won considerable influence under a 2018 revamp.

For Credit Suisse, the hires cements its commitment to Spain, where it has maintained a local presence since 1991, and Portugal, where it opened an office six years ago. «Attracting such a team of relationship managers is testament to the strength of our Spain and Portugal business and our commitment to Iberia as one of international wealth management Southern Europe's two priority hubs,» said Inigo Martos, Credit Suisse private banking head in the region.