Switzerland's biggest bank has made a key appointment in Dubai: Desh Sharma, an expert in the private banking with rich Indian expats joins the bank's family office unit from Swiss arch-rival Credit Suisse (CS), according to a report by «Bloomberg» (behind paywall), which cited an internal memo by the bank.

Boosting the Lending Business

Sharma will start in his new role in January and report to Joe Stadler, the head of the global family office unit. The new hire is expected to boost Lombard lending with his clients. UBS in 2020 has issued $18 billion in such loans, close to the target band of $20 to $30 billion set for 2021.

Lending is a specialty of Iqbal Khan, a skill he honed to perfection at CS, until joining UBS in 2019 as its new co-head of global wealth management. At his new employer, Khan was quick to develop the business as well. The report by «Bloomberg» hints at Khan's old network of contacts that may have been key in tempting over Sharma to UBS.