(Bloomberg) --
UBS Group AG plans to open a wealth-management business in Qatar after its chief executive officer marked his first day on the job by signing a memorandum of understanding with the country's Investment Promotion Agency.
The Zurich-based bank's CEO Ralph Hamers and Chairman Axel Weber clinched the initial agreement on Sunday with Ali Al Kuwari, Qatar's Minister of Commerce and Industry, the government-backed Qatar Financial Centre said in a statement. It didn't give details of UBS's plans.
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Hamers became CEO on Sunday, after nearly seven years at the helm of Dutch bank ING Groep NV, where he was credited with driving a digital transformation. Hamers's predecessor at UBS, Sergio Ermotti, led a pivot from volatile investment banking to wealth management, turning the bank into a world leader that oversees $2.5 trillion in assets.
Sunday's announcement taps into the firm's strategy to double assets in the Middle East and Africa -- Qatar, the world's biggest exporter of liquefied natural gas, is one of the richest nations in per-capita income.
In addition to Qatar, UBS has offices in Saudi Arabia, Bahrain, and Dubai in the United Arab Emirates, according to its website.
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