The giant Swiss banking concern UBS has made a strategic decision to significantly expand its activities in Israel, The Marker learned Wednesday. Aiming to launch a comprehensive range of financial services in 2012 for affluent customers, corporations and institutions in Israel, UBS has begun recruiting senior management from within the Israeli financial system.
The decision by UBS was made at its Swiss headquarters and is being implemented by the concern's manager of private banking activities and wealth management services in Israel, Kobi Faigenbaum. UBS is keeping mum on the types of its activities coming to Israel: Its local spokesman confirmed that the huge Swiss banking firm is preparing the launch of new activities in Israel, but refused to elaborate.
The activities of UBS in Israel are currently confined to three areas: securities trading through UBS Securities Israel, a member of the Tel Aviv Stock Exchange since 1997 and managed by Ady Vigodsky; the Wealth Management division, established in Israel in 2000 and headed by Faigenbaum, targeting the 0.1% wealthiest local families; and investment banking activities.
UBS has dozens of employees in its Herzliya Pituah offices. It also employs about 50 people dealing with Israeli activities at its London and Zurich headquarters.
One of the world's largest banks, UBS was founded over 150 years ago and is represented in over 50 countries, with more than 65,000 employees throughout the world. Offering investment management services, its target customer base is composed mostly of wealthy individuals. UBS shares are listed for trading in Switzerland, New York and Tokyo.
http://english.themarker.com/ubs-plans-to-broaden-its-israeli-operations-1.373302?localLinksEnabled=false
