Credit Suisse Hires UBS Banker Leimer to Head Saudi Private Bank

(Bloomberg) -- Credit Suisse Group AG hired Dominique Leimer from UBS Group AG to head its private wealth unit in Saudi Arabia as the Zurich-based bank expands in the kingdom.

Leimer will manage Credit Suisse’s onshore private wealth operations from Riyadh, two people with knowledge of the matter said, asking not to identified because the appointment isn’t public. He plans to hire Saudi nationals for the team, they said. Credit Suisse confirmed the hiring without giving more details, while UBS and Leimer declined to comment.

Credit Suisse said in June 2017 it was hiring more relationship managers in Saudi Arabia, joining rivals including Deutsche Bank AG in designating the country as a priority for their wealth management business. The recruitment drive came after the Swiss bank established a platform allowing it to offer private banking services and products in the kingdom.

Leimer previously worked at Credit Suisse in Dubai where he was head of private banking for two years, according to his LinkedIn profile. He was also a managing director for UBS wealth management in Dubai and chief executive officer of Julius Baer Group Ltd. in the Middle East and India Sub-Continent, according to his profile.

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