UBS Seeks Mideast Dealmaking Revival With Credit Suisse Takeover - Bloomberg

UBS Seeks Mideast Dealmaking Revival With Credit Suisse Takeover - Bloomberg

UBS Group AG may use its takeover of Credit Suisse Group AG as an opportunity to rebuild its investment banking business in the Middle East after recently shuttering its regional dealmaking and advisory operations, according to people familiar with the matter.

In what would be a U-turn for the Swiss bank, UBS executives have been exploring ways to revive the bank’s deal business in Dubai after it effectively closed its on-the-ground dealmaking operations in 2022, the people said, asking not to be identified because the matter is private.

Senior executives at UBS are keen to take advantage of heightened deal activity in the region and want to leverage the lender’s private banking relationships with wealthy royals and family-owned businesses to win deals, the people said. Discussions are in the early stages and it’s not clear if they will result in an agreement, the people said.

Credit Suisse has about 40 investment bankers in the United Arab Emirates, Qatar and Saudi Arabia. Representatives for UBS and Credit Suisse declined to comment.

UBS currently covers deals in the Middle East and North Africa region by flying bankers and specialists from jurisdictions such as the US and UK into the region. The Swiss lender still has a local presence through other divisions, including its global trading and wealth units, where it has continued to hire.