KBL is hiring Søren Kjær to run a new branch in Copenhagen, two people familiar with his hire told finews.com. Kjær is to spearhead a push into the Nordic region, along with initially five or six private bankers, the people said.

The hire of Kjær, a veteran private banker and who was most recently market head of the Nordics for UBS' super-rich clients, represents the latest in a hiring spree by Qatari-owned KBL. Former UBS wealth boss Juerg Zeltner is tapping ex-colleagues in a bid to revamp the modest Luxembourg firm into a Pictet-style partnership.

Nordic Push

The Nordics represent the second new region KBL is tapping: it is entering the Swiss market through the acquisition of Bank am Bellevue, which it expects to close in February. KBL wants to use the Copenhagen branch, which is expected to begin doing business by mid-2020 subject to regulatory approval, as a launchpad into the wider region, the people said.

Zeltner and KBL's new wealth management boss, former UBS Europe boss Jakob Stott, are tapping ex-colleagues in the bulk-up. KBL snapped up the banker behind Smartwealth, a U.K. robo adviser, UBS' human resources boss for wealth management, and a key counselor to Zeltner and UBS boss Sergio Ermotti.