Swiss bank UBS is closer to launching its wealth management business in Qatar after hiring a top HSBC private banker to lead the operation.
Tarek Eido most recently served as the head of HSBC’s wealth management business but will now take on that role for UBS, as of March 1, reporting to Ali Janoudi, head of Middle East and Africa for UBS.
According to Bloomberg, the Swiss firm is looking to recruit another 20 staff for the Qatar business, which will act as its second hub in the region.
UBS also has offices in Saudi Arabia, Bahrain and the UAE where its main operation lies.
While the Qatar business will initially focus on wealth management, UBS plans to add asset management services.
The appointment of Eido comes after UBS announced plans to develop a Qatar hub back in November.
It will join another Swiss firm Credit Suisse, which has had long had a presence in Qatar and also has a joint asset management venture with the Qatar Investment Authority (QIA), Aventicum Capital Management Qatar.
© 2021 funds global mena