UBS Says Prelle to Focus on German Business as Chairman
UBS AG (UBSN), Switzerland’s biggest bank, named Hermann Prelle chairman of corporate-client solutions in Germany to help push growth in Europe’s biggest economy.
Prelle, currently chairman for mergers and acquisitions in Europe, the Middle East and Africa, will work together with Carsten Dentler and the German team to prioritize and support coverage of Germany, according to a memo obtained by Bloomberg News, whose contents were confirmed by a UBS spokesman.
UBS is ranked No. 3 in Germany after advising Vodafone Group Plc (VOD) on the acquisition of Kabel Deutschland Holding AG and Telefonica SA’s German unit on the purchase of Royal KPN NV’s business, according to data compiled by Bloomberg. The bank said it sees “significant fee opportunities” from private-equity firms, financial institutions and corporate clients in Germany.
“Succeeding in Germany is a key priority,” the Zurich-based lender said in the memo, when forecasting further growth over the next two years.
Prelle became chairman of European M&A in 2011 after returning from a sabbatical. He had previously held positions including head of investment banking in Germany. He joined UBS’s investment bank in 2000.
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