Swiss giant UBS Group is contemplating a proposal to elevate Iqbal Khan as the sole head of the bank’s global wealth management business.   

If finalised, Khan will replace the current CEO of the bank Ralph Hamers, reported Bloomberg.

Tom Naratil, who co-leads UBS’s private banking division along with Khan, may continue to serve in the regional role as the head of the bank’s business in the Americas.

However, the bank has not taken any final decision on the matter and could change the plan, said the Bloomberg report.

It is also not clear if Naratil would continue to be part of the bank’s 12-member executive board once the changes are executed.

UBS has reportedly refused to offer any comment on the development.

The company is said to have exceeded $3 trillion mark in assets under management and is currently looking forward to using digital technology to enhance cost savings as well as bolster business with the world’s richest.

UBS already purchased US-based robo-wealth advisor Wealthfront and has unveiled several mobile applications in Europe and Asia.

Last month, UBS said that its head of strategy Christian Zeinler would stand down from his position and leave the bank to pursue entrepreneurship outside of financial service.

The development was reported by Reuters citing a memo sent to UBS employees.