Reuters Arnd Wiegmann
According to an internal memo, UBS has appointed HSBC top banker Tariq Eido as head of wealth management in Qatar, as the world’s largest wealth manager prepares to open a wealth management office in Doha.
The memo said that Eido will start work on March 1, and will work directly under Ali Junudi, head of wealth management in the Middle East and Africa at UBS, and a UBS spokesperson confirmed the memo.
According to the memo, Eido joined HSBC in January 2011 and is currently the director of markets for Qatar, Kuwait and Lebanon. Previously, he worked at International Bank of Qatar as Director of Private Banking Services.
“Our plans to expand our activities in the Middle East are indicative of our commitment to this important region, where UBS has been present for more than 50 years,” the UBS note said.
The move comes after UBS signed a non-binding memorandum of understanding with the Investment Promotion Agency in Qatar in November to open a wealth management office in Doha during the first half of 2021.
It should be noted that UBS already has a presence in the UAE, Saudi Arabia, Bahrain and Qatar.