Swiss giant UBS has snapped up a former Credit Suisse executive for a leading wealth role.
Iqbal Khan (pictured) will join UBS as co-president of global wealth management and work alongside Tom Naratil.
Khan was Credit Suisse's CEO of international wealth management and a member of its executive board, until his abrupt exit in July. Prior to that, he was the lender's chief financial officer of private banking and wealth management, from 2013 to 2015.
Khan will replace Martin Blessing, who has been UBS' co-president of global wealth management since February 2018. Blessing will remain at UBS until 31 December to ensure a smooth transition.
UBS announced several other changes to its executive board.
Ulrich Koerner will step down from his roles as president of asset management and president of UBS Europe, Middle East and Africa. Koerner was previously the lender's group chief operating officer from 2009 to 2013.
He will remain at UBS as a senior advisor to the group CEO until 31 March 2020 at least, to support the group with several key ongoing initiatives.
Suni Harford, meanwhile, will succeed Koerner as president of asset management and join the UBS group executive board. Harford is currently the head of investments at UBS Asset Management.
On the other hand, Sabine Keller-Busse will take on the position of president of UBS Europe, Middle East and Africa. She will keep her current role as group chief operating officer, which she has held since January 2018.
'I congratulate Sabine on the expansion of her role. And I'm looking forward to having Suni and Iqbal join the group executive board,' said Sergio P. Ermotti, UBS' group CEO.
'Both of them bring strong leadership and people skills along with a track record of successful execution. They are great additions to the team and will help us drive sustainable growth and profitability for UBS,' he added.