* Albert Momdjian joins UBS’s emerging wealth management team * Momdjian was head of the MEast, Africa division at a French bank
DUBAI, May 29 (Reuters) – Swiss bank UBS UBS.NUBSN.VX poached Credit Agricole’s CAGR.MI Top Middle East and Africa investment bankers for a senior position in emerging markets wealth management division, a bank source said.
Albert Momdjian, who joined Credit Agricole in 2006, was Head of Coverage and Investment Banking in the French bank’s Dubai office until his resignation in early May.
Momdjian will continue to be based in Dubai in his new role, said the source, who refused to be identified.
UBS saw cash flow into its core wealth management business in the first quarter, and its troubled investment bank did better than expected. [ID:nLDE73P01W]
UBS Wealth Management Americas last week appointed a new president for its fiduciary business to expand its services to high net worth clients [ID:nN24265441]
At Credit Agricole, Momdjian had done several high-profile deals, including Lafargege’s LAFP.PA US $ 12.9 billion purchase of Orascom Cement in Egypt in 2007 and telecommunications company Etisalat in the United Arab Emirates ETEL.AD failed $ 12 billion bid for Kuwait’s Zain ZAIN.KW.
He also advised on Zain Saudis 7030.SE ongoing 25 percent stake sale in Batelco BTEL.BH and Kingdom Holding 4280.SE.
Reporting by Dinesh Nair, editing by Amran Abocar