UBS shifts six to Dubai
UBS is moving six London-based bankers to Dubai in the latest example of investment banks strengthening their on-the-ground teams in the Middle East, where business is booming while activity in Europe and the US is slowing.
UBS employs more than 200 staff dedicated to Middle East business of whom more than 100 are based in the region. The bank said in a statement today it is redeploying another half a dozen staff across various investment banking areas to Dubai.
Matthew Odgers, executive director in its telecoms team covering Europe, the Middle East and Africa, has already relocated from London, as has Simon Dowker, previously a director in the Swiss bank’s financial sponsors team. Dowker previously covered sovereign wealth funds in that role and will continue to do so, UBS said.
UBS added Enrique Febrer-Bowen, a managing director in equity capital markets, will move to Dubai in September, while ECM director Bilal Mekkaoui will also move that month.
Michael Klimbacher, associate director in UBS’ oil and gas sector coverage team, is also switching to Dubai, as is Marc van den Broucque, an associate in the mergers and acquisitions team in London.
The latest additions to UBS’ team in the Gulf region comes after the bank in April shifted Christopher Niehaus, head of investment banking in South Africa, to Dubai to be joint head of investment banking for the Middle East and north Africa.
UBS joins a string of rivals in growing its Middle East team by moving bankers from London or the US. Lehman Brothers, Citigroup and HSBC have all announced senior appointments for the region in the past three months, following other banks including Merrill Lynch and Credit Suisse.
del.icio.us
Digg
Newsvine
reddit
StumbleUpon