The influential Swiss Bank UBS AG announced on Monday that the former banker of Crédit Agricole, the corporate and investment bank, Albert Momdijan is slated to take charge of UBS’s business with the mega-wealthy clients of the Middle East and Africa as of August 1st.
Financial Advisor to the Mega Wealthy
Momdijan was the head of the French bank’s corporate and investment business in the Middle East until recently. As the head of Crédit Agricole’s Middle East section Momdijan advised on some of the largest transactions in the region. Included among his deals was the Emirates International Investment Company’s $1.5 billion purchase of a 3% share in the media powerhouse Vivendi SA as well as Kuwaiti Telco Zain in the unsuccessful $12 billion attempted takeover of the United Arab Emirates’ Etisalat.
Trend to Hiring Investment Bankers
The employment of Momdijan by UBS AG is another in a growing number of private banks hiring of experienced and well-connected investment bankers to dedicate their talents and experience to exclusively dealing with ultra-high net-worth clients. Banks consider any client who brings in at least $50 million in assets into the bank as mega clients.
Paul Raphael, the head of UBS’s global emerging markets department said in a statement that Momdijan
“brings with him deep relationships and unrivalled experience in advising ultra-high net worth and corporate clients on their banking needs.”
In addition to this role Momdijan will also act as head of UBS’s regional corporate advisory group.