UBS nabs top Credit Agricole Mideast, Africa banker: source

DUBAI: Swiss bank UBS has poached Credit Agricole's top Middle East and Africa investment banker for a senior job at its emerging markets wealth management division, a banking source said.

Albert Momdjian, who joined Credit Agricole in 2006, had been head of coverage and investment banking at the French bank's Dubai office until he resigned earlier in May.

Momdjian will continue to be based in Dubai in his new role, said the source who declined to be identified.

UBS saw money pouring into its core wealth management arm in the first quarter and its struggling investment bank did better than expected.

UBS Wealth Management Americas appointed a new president of its trust business last week as it seeks to expand its services for wealthy clients.

At Credit Agricole, Momdjian had handled several high-profile deals including Lafarge's $12.9 billion purchase of Egypt's Orascom Cement in 2007 and UAE telco Etisalat's failed $12 billion bid for Kuwait's Zain.

He also advised on Zain Saudi's ongoing 25-percent stake sale to Batelco and Kingdom Holding.

Copyright Reuters, 2011