Advisor to the Qatari royal family at UBS on the go

The ailing private banking business in the Middle East appears to be turning into an avalanche at UBS. A senior man from the former Credit Suisse bank is looking elsewhere, and entire teams are on the move.

It is possible that UBS would like to keep this private banker from the former Credit Suisse (CS) bank. Like various Anglo-Saxon media, including the Agency «Bloomberg», reported falls Aladdin’s barn In advanced talks with Anglo-Chinese Bank (HSBC).

The change has not been confirmed, and it looks like Hangari, who has made a name for himself banking to Qatari princes, can stay with UBS after all.

Linking the Qatari sovereign wealth fund to itself

The departure would be a setback for Vaughn Iqbal Khan A core managed division of UBS, Global Wealth Management (GWM). Khan himself toured the world after the CS takeover to split top private bankers into UBS. Apparently, huge retention bonuses are said to have been offered in this context.

UBS only opened its branch in Doha in 2021. From there, the big bank wanted to better develop private banking in the Middle East, where wealth is growing rapidly thanks to rising energy prices. Now the big bank will also have the opportunity to win over the very rich Qatari sovereign wealth fund QIA, formerly a major shareholder of CS, as a client. Hangari will be the important bridge builder here.

The team moves to Deutsche Bank

UBS’s ambition to become the largest private bank in the Middle East thanks to its CS assets also appears to be in jeopardy. As Bloomberg also reports, the ten-man CS Middle East team will switch to Deutsche Bank. Namely, these are the managing directors Saad Osseiran, Nasri Nohra, and the Damascene Spring And Agnes Tan.