UBS appoints Per E Larsson CEO of Middle East and North Africa

Michel Adjadj will be appointed Chairman for MENA, in addition to his current role as head of UBS's Eastern Mediterranean, Middle East and African Wealth Management business.

Until recently, Larsson was the CEO of Borse Dubai and CEO and board member of the Dubai International Financial Exchange (DIFX). In this role, he developed the DIFX into a fully functional exchange attracting the biggest IPO in the Middle East through DP World and growing the Sukuk market on the DIFX to become the world's largest. As the CEO of Borse Dubai he was instrumental in the creation of the partnership between the NASDAQ OMX Group and the DIFX.

Before joining Borse Dubai and DIFX, Larsson was the Executive Chairman of Nilorngruppen and OSM; President, CEO and board member of OMX; and Chairman of the OMX Stock and Derivatives Exchanges, OMLX in the UK (today EDX) and OMX Technology.

Commenting on the appointment Alex Wilmot-Sitwell said:

'The Middle East and North Africa is one of our most important growth markets and these appointments are a further step in demonstrating our long-term commitment to the region. Per's wealth of expertise and extensive relationships will position us well to further deliver the full strengths and capabilities of the firm and maximise our growth and profitability in this important region.'

Per E Larsson added: 'UBS has a unique client franchise and long history in the Middle East. I look forward to working closely with all businesses to build on the already impressive presence in the region.'

Peter Burnett will continue as CEO of the Investment Bank in MENA until 30th September, when he will take on a new opportunity within UBS. A further announcement regarding his new role will be made in due course.