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UBS Nominates Yam for Election to Board of Directors

UBS AG, Switzerland’s biggest bank, nominated Joseph Yam, founder and former chief executive officer of the Hong Kong Monetary Authority, for election to its board of directors next year.

Yam, who was CEO of the authority, Hong Kong’s central bank, for more than 16 years until retiring last September, is set to join the board at the bank’s annual general meeting on April 28, Zurich-based UBS said today in an e-mailed statement. Pending regulatory approval, Yam was earlier this year elected to the board of China Construction Bank Corp., the world’s second-largest lender by market value, UBS said.

“Joseph’s presence will significantly expand the geographic diversity of the board, and provide powerful additional impetus to the growth of our already market leading investment bank and wealth management businesses in Asia Pacific,” UBS Chairman Kaspar Villiger said in the statement.

UBS plans to increase headcount in the Asia-Pacific region to 9,500 in three years from 7,300. The bank is competing with Swiss rivals such as Credit Suisse Group AG to hire so-called relationship managers in Asia as heightened scrutiny of individuals’ tax affairs in Europe drives them to seek rich customers living in the world’s fastest-growing economies.

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