Credit Suisse has poached Dominique Leimer from arch-rival UBS to head its private wealth unit in Saudi Arabia as the Zurich-based bank expands in the kingdom.
Dominique Leimer has been appointed as head of the onshore private banking in Saudi Arabia, according to Bloomberg. He currently works for UBS in Dubai. Credit Suisse confirmed the hiring, the report said.
Leimer will be based in Riad and will have to hire local bankers to cater to wealthy clients in the kingdom. Leimer has worked for Credit Suisse in the past, with a position at the office in Dubai, according to his profile on LinkedIn.
He later joined Swiss private bank Julius Baer, before starting his own business. He then went on to work for UBS and will now move back to Credit Suisse.
The bank said in June 2017 it was hiring more relationship managers in Saudi Arabia, joining rivals including Deutsche Bank AG in designating the country as a priority for their wealth management business.
The recruitment drive came after the Swiss bank established a platform allowing it to offer private banking services and products in the kingdom.