World Markets

UBS hires HSBC banker as head of Qatar wealth business -memo

Credit: REUTERS/ARND WIEGMANN

UBS AG has appointed a senior HSBC banker, Tarek Eido, as head of wealth management in Qatar as the world's biggest wealth manager prepares to open a wealth management office in Doha, according to an internal memo.

DUBAI, Feb 5 (Reuters) - UBS AG UBSG.S has appointed a senior HSBC banker, Tarek Eido, as head of wealth management in Qatar as the world's biggest wealth manager prepares to open a wealth management office in Doha, according to an internal memo.

The move comes after UBS signed a nonbinding memorandum of understanding with the Investment Promotion Agency of Qatar in November to open a wealth management office in Doha during the first half of 2021.

UBS already has a presence in the United Arab Emirates, Saudi Arabia and Bahrain. Qatar, a major exporter of gas, is among the richest countries in the world.

Eido will start on March 1, reporting directly to Ali Janoudi, head of Wealth Management Middle East and Africa at UBS, the memo said. A UBS spokesman confirmed the memo.

Eido joined HSBC in January 2011 and is currently the market head of Qatar, Kuwait and Lebanon, the memo said. He previously worked at International Bank of Qatar as a private banking senior manager.

"Our plans to expand our business in the Middle East signal our commitment to this important region where UBS has had a presence for over 50 years," the UBS memo said.

(Reporting by Saeed Azhar in Dubai Editing by Matthew Lewis)

((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More