UBS hires HSBC banker as head of Qatar wealth business -memo

DUBAI, Feb 5 (Reuters) - UBS AG UBSG.S has appointed a senior HSBC banker, Tarek Eido, as head of wealth management in Qatar as the world's biggest wealth manager prepares to open a wealth management office in Doha, according to an internal memo.

The move comes after UBS signed a nonbinding memorandum of understanding with the Investment Promotion Agency of Qatar in November to open a wealth management office in Doha during the first half of 2021.

UBS already has a presence in the United Arab Emirates, Saudi Arabia and Bahrain. Qatar, a major exporter of gas, is among the richest countries in the world.

Eido will start on March 1, reporting directly to Ali Janoudi, head of Wealth Management Middle East and Africa at UBS, the memo said. A UBS spokesman confirmed the memo.

Eido joined HSBC in January 2011 and is currently the market head of Qatar, Kuwait and Lebanon, the memo said. He previously worked at International Bank of Qatar as a private banking senior manager.

"Our plans to expand our business in the Middle East signal our commitment to this important region where UBS has had a presence for over 50 years," the UBS memo said.

(Reporting by Saeed Azhar in Dubai
Editing by Matthew Lewis)

((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))