UBS Group AG (SIX:UBSG) has announced a restructuring of its Middle Eastern wealth management leadership on Wednesday, with a focus on integrating functions from Credit Suisse (SIX:CSGN). Niels Zilkens will head the division, while Bruno Daher, former chief of Credit Suisse's Gulf operations, will serve as chairman.
The reorganization comes in the wake of Ali Janoudi's departure from UBS. Daher's appointment is notable given his previous management style at Credit Suisse, which transformed the bank into a regional powerhouse. His new role at UBS will concentrate on strategic aspects, winning back clients, and cross-divisional client delivery to expand their franchise.
Christl Novakovic, who oversees UBS’s wealth management across Europe, the Middle East and Africa, expressed high growth ambitions under Zilkens' leadership. She acknowledged Daher's contribution to stabilizing the business and mitigating client asset outflows.
UBS Group AG, a prominent player in the Capital Markets industry according to InvestingPro Tips, is currently trading at a low earnings multiple with a P/E Ratio of 2.26, as provided by InvestingPro's real-time metrics. The company has a market cap of 76882.9M USD and has seen a strong return over the last three months, with a 20.64% increase in its 3 Month Price Total Return.
The company has also maintained a consistent dividend payment for 12 consecutive years, with a current Dividend Yield of 2.26%. This stability in dividend payments, as highlighted by InvestingPro Tips, is a notable achievement and a testament to the company's commitment to its shareholders.
Despite some challenges, such as declining revenue at an accelerating rate and weak gross profit margins, the company has shown resilience. The company's Revenue Growth for LTM2023.Q2 stands at -7.07%, and the Gross Profit for the same period is 33.65B USD.
InvestingPro Tips also indicate that the company's management has been aggressively buying back shares, which is often seen as a positive sign of the company's belief in its own future growth. Moreover, UBS Group AG has proven profitable over the last twelve months, which is a promising indicator for potential investors.
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