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UBS names Nomura's Vereker as key investment bank exec

A construction worker walks past a building of Swiss bank UBS in Zurich, April 12, 2013. REUTERS/Michael Buholzer
A construction worker walks past a building of Swiss bank UBS in Zurich, April 12, 2013. REUTERS/Michael Buholzer

ZURICH (Reuters) - UBS said Nomura <9716.T> investment banking co-head William Vereker will replace David Soanes as head of corporate client solutions in Europe, the Middle East and Africa from June 1.

"Continuing to strengthen our institutional client franchise in Europe is crucial for us and I am convinced that somebody of William's caliber will significantly contribute towards achieving our ambitions in the region," UBS investment bank head Andrea Orcel said in a statement on Tuesday.

Soanes, who spent not quite six months in the job, will run the newly established financial institutions group. Both Vereker and Soanes will report to Orcel.

The changes represent the second big move since Orcel took over sole direction at UBS's investment bank last October, when UBS's investment bank began withdrawing from certain fixed income activities and dismissed 10,000 staff.

In January, Orcel's former unit co-head Carsten Kengeter left UBS.

The corporate client solutions - which includes all advisory and solutions businesses that involves corporate, financial institutions and sponsor clients - forms the backbone of UBS's restructured investment bank.

(This version of the story corrects the spelling of Vereker in headline, lead and third paragraph.)

(Reporting By Katharina Bart)

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