Credit Suisse hires UBS exec to lead Saudi private wealth unit

Sources say Dominique Leimer will manage Credit Suisse's onshore private wealth operations from Riyadh
Credit Suisse hires UBS exec to lead Saudi private wealth unit
By Bloomberg
Tue 18 Dec 2018 03:06 PM

Credit Suisse Group hired Dominique Leimer from UBS Group 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 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.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.