UBS merges with Credit Suisse, APAC gets new lead

Iqbal Khan’s role will be effective 1 September.

UBS AG merged with Credit Suisse AG last week and will transition to a single Intermediate Holding Company in the US this month. 

In line with this, the bank has announced key changes to the group executive board (GEB), pending regulatory approval and effective 1 July 2024 unless noted otherwise.

Iqbal Khan will become President UBS Asia-Pacific and Co-President GWM starting 1 September. 

He will relocate to Asia with his family, marking the first time a divisional President is based in Asia-Pacific.

Rob Karofsky will become President UBS Americas and Co-President GWM, having led UBS Investment Bank as Co-President since 2018 and President since 2021.

Together, Iqbal and Rob will manage GWM globally and leverage the integrated firm's capabilities across all divisions.

Ulrich Körner, CEO of Credit Suisse AG, will step down from the GEB at the end of June and retire from UBS later this year.

Edmund Koh, President UBS Asia-Pacific, will step down from the GEB effective 1 September but will remain as Regional Chair Asia-Pacific.

Naureen Hassan, Regional President UBS Americas, will retire from UBS effective 1 July, having significantly contributed to the firm's growth since joining in 2022.