LONDON, Nov 9 (IFR) - UBS has appointed regional heads of its corporate client services business, which incorporates M&A and its equity and debt capital markets units. The Swiss bank said this should allow each region to be more nimble and adapt to local issues.
UBS said David Chin will be head of CCS for Asia-Pacific, Javier Oficialdegui will head the business in Europe, Middle East and Africa, and Joe Reece will be head of CCS for the Americas. They all report to Andrea Orcel, head of the investment bank.
Ros Stephenson and William Vereker, currently co-heads of the business, will become executive vice chairs of the investment bank, reporting to Orcel.
Piero Novelli and Mike Santini will take on the newly created roles of co-executive chairman of global CCS.
Orcel said in a memo to staff the bank's repositioning of CCS had been successfully completed and it was ready to move to the next phase of delivering profitable growth. "Now is the right time to adjust our management structure and refocus it along regional lines while retaining global unity and partnership," the memo said.
He said each of the regional CCS businesses, their clients and cultures, were at different stages of development, presenting different priorities, opportunities and challenges. (Reporting by Steve Slater)