UBS has appointed Anthony Sweetman and Nick Hughes as the new co-CEOs of its business in Australia and New Zealand (Australasia).

Both Hughes and Sweetman have been working at the bank since two decades.

The pair will replace Matthew Grounds, who will step down by the end of this year after holding the role for 11 years.

Over the coming six months, Grounds will work on ensuring an orderly transition.

Commenting on the move, UBS said: “Matthew has been an integral part of the Australasian franchise and all the success that it has achieved, but also of the wider investment banking business and UBS as a whole.

“He is a consummate leader and client banker, building and shaping a business that has proven itself consistently over time.”

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Apart from taking on the new responsibility, Sweetman will retain his role as co-head of investment banking for Australasia.

Hughes will continue to serve as country operating officer for Australasia.

Grounds joined UBS 25 years ago.

Under his leadership, the bank advised the government on the sale of New South Wales’ electricity infrastructure.

Notably, UBS offered A$1.2bn ($838.2m) loan to Papua New Guinea during his tenure.

Several senior bankers have announced their departure from UBS Australia this year.

These include the exit of senior banker Guy Fowler and co-head of equities Chris Williams.