UBS #Dubai Taps Credit Suisse Bankers to Target Wealthy Indians - Bloomberg

UBS Dubai Taps Credit Suisse Bankers to Target Wealthy Indians - Bloomberg

UBS Group AG in Dubai is hiring a group of private bankers from rival Credit Suisse Group AG as the Swiss lender continues to expand its Gulf business that caters to India’s wealthy diaspora.

Sanjay Advani and members of his team that serve non-resident Indians are set to join UBS in the coming months, people familiar with the matter said, asking not to be named because the information is private.

Their appointment is part of push by UBS to focus on the growing number of rich Indians living overseas at a time when the sub-continent is seeing rising wealth. The Asian nation recently overtook the UK to become the world’s fifth largest economy. UBS in Singapore also recently hired three private bankers from Credit Suisse to boost its NRI coverage. Niels Zilkens runs UBS’s NRI business globally.

A representative for Credit Suisse said the bank remains fully committed to the Middle East and will continue to invest. Clients are being served by its existing team, they said. Advani and a representative for UBS declined to comment.