One of Ralph Hamers' first tasks as chief executive of UBS was to sign an agreement the bank had reached with Qatar.
UBS wants to expand its wealth management to the country on the shores of the Gulf, said «Bloomberg» in a report. CEO Ralph Hamers and Chairman Axel Weber signed an agreement with Qatar’s investment promotion agency.
The document was also signed by Ali Al Kuwari, the minister of commerce and industry. No further details were available on the precise plans of UBS in Qatar.
Eliminating the Blanks
The country is one of the world’s largest producers of liquid gas, which made Qatar extremely wealthy. Today, the country’s population enjoys one of the highest income levels in the world.
So far, UBS had not been active in Qatar. The bank has offices in Saudi-Arabia, Bahrain, Dubai, and the United Arab Emirates.
Hamers replaced Sergio Ermotti as CEO on November 1, 2020.
