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UBS to wind down Mena advisory and dealmaking operations

REUTERS/Arnd Wiegmann
Bankers and specialists from other jurisdictions, such as the US and the UK, will fly into the region to handle deals

UBS Group AG is planning to wind down its dealmaking and advisory operations in the Middle East and North Africa (Mena), Bloomberg reported, citing informed sources.

The division’s last senior banker in the region has tendered his resignation recently, they said, adding a decision to retreat from in-person operations was taken in recently.

Bankers and specialists from other markets, such as the US and UK, will fly into the region to handle deals, the news agency reported.

However, the Swiss lender will maintain a local presence through other divisions, including its global trading and wealth units, where it has continued to hire.

In March, Michael Cleanis, managing director and head of global banking for the region, left the firm to join Abu Dhabi’s wealth fund Mubadala Investment Co. 

UBS has advised on several significant deals in the region and worked alongside other banks as an adviser on the public listing of Dubai’s Tecom Group earlier this year.

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