Iqbal Khan takes over as CEO of UBS APAC

In a major change in senior management at UBS, Iqbal Khan will replace Edmund Koh as president of the Asia-Pacific region.

UBS appointed Iqbal Khan according to the statement, he took over as president of the APAC region with effect from September 1 and co-president of Global Wealth Management (GWM). This summer he will move to Asia with his family.

Khan succeeds Edmund Koh who has been APAC president since 2019. Koh will remain with the bank as regional president, APAC, to continue supporting customers and businesses in the region.

Global reshuffle

The appointment is part of a broader reshuffle at the enlarged Swiss bank. Rob Karofsky was named president of UBS Americas and co-chairman of GWM alongside Khan.

George Athanasopoulos AND Marco Valla will become co-presidents of investment banking Damian Vogel goes Christian Bluhm as group risk director. Athanasopoulos, Valla and Vogel will join the Bank Group Management Board (GEB). Group manager for human resources and corporate services Stefan Seiler will expand its competences to include group communication and branding.

Retired bankers

CEO of Credit Suisse Ulrich Körner will step down from GEB at the end of June following the merger of the two parent banks and will exit the Swiss lender’s operations later this year. Regional President of UBS Americas Naureen Hassan also decided to leave the bank with effect from July 1, after starting work in the company in 2022.

“I would like to thank Christian Bluhm, Edmund Koh, Ulrich Körner and Naureen Hassan for their outstanding contribution to the company over the years, especially during times of change,” commented the group’s CEO Sergio P. Ermotti.

Regional concentration

According to Ermotti, the latest moves underscore the importance of regional businesses in the Americas and Asia. In March, it said it expected APAC to account for 20 percent of total assets under management within five or six years, up from a current level of about 15 percent.

“The appointments to the Group Management Board that we are announcing today will enable us to further progress on our integration journey and realize the expected synergies and efficiencies, while placing even greater emphasis on our long-term priorities and growth prospects, particularly in the Americas and Asia-Pacific.” commented.