Swiss banking giant UBS has promoted Andrea Orcel, who currently heads the investment bank, as new CEO of its UK arm, replacing Mark Yallop.

In his new role, Orcel will lead UBS Ltd and UBS AG’s London branch and will report to the group’s CEO Sergio Ermotti. Orcel will also continue to serve his current role.

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Additionally, the bank has named David Soanes, head of financial institutions at the investment bank, as country head for Britain in addition to serving his current role.

The bank has also hired Beatriz Martin as COO of UBS Ltd. and the London branch.

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