The Swiss bank is restructuring its wealth management division for the Middle East, with new leadership being appointed.
UBS appoints Niels Zilkens as head of its Middle East wealth management business, and Bruno Daher, who was promoted to its top Middle East wealth management executive just three months ago, becomes the division's chairman, according to a memo obtained by «Bloomberg» (behind paywall).
Rich Experience
Zilkens will announce his leadership team shortly. Christine Novakovic, who heads UBS's wealth management business in Europe, the Middle East, and Africa, expressed confidence that Zilkens' «extensive experience and deep understanding of this market» will help us «realize our high growth aspirations for this strategic sector,» according to the memo.
He will focus on the strategic aspects of the Middle East business and winning back customers, something UBS CEO Sergio Ermotti said the bank is focused on.
Successful but Controversial
Daher, who previously headed Credit Suisse in the Gulf region, was controversial for his management style. While he made the Swiss bank a regional heavyweight, the working climate during his tenure is said to have deteriorated, according to the report. Numerous employees left Credit Suisse in the Middle East in recent years.
His original appointment at UBS was unusual since most of the merged firm's top leadership positions were filled with longtime UBS executives.
The reorganization follows Ali Janoudi's departure from UBS. After Daher was named Novakovic's deputy in the Middle East in July, Janoudi, who had previously led UBS's wealth management business in the Middle East and Africa, stepped down.
