UBS hired a Riyadh-based desk head from a Saudi Arabian private banking competitor. The Swiss bank is attempting to bolster its wealth management in the kingdom.
The Zurich-based bank is hiring Ghassan Soufi in what the bank calls a «key role» in its growth plans for the Saudi market. Soufi will be responsible for creating and leading a team of «senior advisors to some of the most important clients and families in the kingdom,» according to a statement from the bank.
The move is a further sign that Swiss banks remain intensely interested in Saudi Arabia: Credit Suisse won a mandate on the listing of state oil giant Saudi Aramco, «Reuters» reported. Both UBS and Credit Suisse, which quietly won a banking license in the kingdom earlier this year, are keenly interested in expanding their share with Saudi Arabia's wealthy.
Poached from Rival
Foreign lenders have walked a tightrope since the murder last year of journalist and Saudi regime critic Jamal Khashoggi. Credit Suisse's relationship is further complicated in that its major shareholder, the Olayan Group, is based in Riyadh.
UBS hired Soufi from the private banking arm of major Saudi lender Samba. «Ghassan will be crucial in identifying and hiring top talent locally and leading our onshore client acquisition strategy,» said Abdallah Najia, Saudi Arabia head of wealth management at UBS.
