Union Bancaire Privée, UBP, a private bank with its headquarters in Switzerland, named Mohamed Shoukry as the new CEO of UBP Middle East, its subsidiary located in Dubai, with effect from 1 January 2024.

Shoukry is an established banker with over twenty years of experience, having worked for various Middle Eastern and North African organisations.

He held managerial positions at Citi, Mashreq Bank, National Bank of Abu Dhabi, and most recently J.P. Morgan as head of multinational coverage for CEEMEA, before joining UBP.

Mohamed Hamed Abdellatif, who joined the bank in 2012 and has led UBP Middle East as CEO since 2015, is succeeded in his new role by Shoukry.

In addition to Walid Shash, who has been leading UBP’s MEA strategy since 2005, Abdellatif has been appointed over as co-head of the Middle East and Africa (MEA) region on 1 January 2024.

UBP has been growing rapidly in the Middle East, as seen by the significant influx of institutional clients, family offices, and UHWNIs over recent years. In response, the company has changed its strategic management.

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By GlobalData

Furthermore, the new recruits also show UBP’s dedication to the area, as the company presently handles over $12bn in assets for its Middle Eastern clients, with $4.5bn of that amount being handled in Dubai.

Addressing the change in leadership, Nadège Lesueur-Pène, head of wealth management developing markets at UBP, said: “We are delighted to welcome Mohamed Shoukry to the team and to see Mohamed Abdellatif transition to a Global MEA leadership role. Mohamed Shoukry and Mohamed Abdellatif’s extensive experience and strong grasp of the region make them the ideal leaders to steer UBP through its next phase of development and maintain its double-digit growth in the region in the coming years.”

“I am honoured to follow in Mohamed Abdellatif’s footsteps. The Middle East holds immense potential, and I am confident that UBP, thanks to its family-owned structure, it’s very agile business model and the depth of its expertise and knowledge of the region, is ideally positioned to seize the numerous opportunities ahead,” added Shoukry.

UBP established in the region 2012 and has been providing services to the Middle East for over 20 years.

With a staff of more than 40 experts, including relationship managers and investment advisers, its Dubai office – which is housed in the DIFC and governed by the Dubai Financial Services Authority (DFSA), reflects its commitment to the Middle East.