ZURICH (Reuters) - The head of UBS’ UBSG.VX investment bank, Andrea Orcel, will become chief executive of the Swiss bank’s British arm effective immediately, according to a memo seen by Reuters on Tuesday.
The Zurich-based bank also appointed David Soanes, head of financial institutions at the investment bank, as country head for Britain.
While Orcel’s role is a part of a requirement of Britain’s Prudential Regulatory Authority (PRA), which was created last year after the Financial Services Authority (FSA) was disbanded, Soanes’ role is to define and put into place strategy together with the Swiss bank’s regional and unit management.
A spokesman for UBS confirmed the contents of the memo, which was sent by Chief Executive Sergio Ermotti.
The appointments follow the exit of Mark Yallop, who left the bank after just over one year in August to join the Bank of England (BoE).
Reporting By Katharina Bart