UBS Appoints Orcel Head of U.K. Unit, Succeeding Yallop

UBS Group AG’s Andrea Orcel, who heads the investment bank, was appointed chief executive officer of the Swiss bank’s U.K. unit in addition to his current job.

Orcel, 51, will head UBS Ltd. and UBS AG’s London branch, reporting to the group’s CEO Sergio Ermotti, 54, according to a memo to staff last week. A spokesman for Zurich-based UBS confirmed the memo’s contents.

The appointment is in line with the requirements of the U.K.’s Prudential Regulatory Authority, the memo said. Mark Yallop, the former head of UBS Ltd., left earlier this year.

UBS appointed David Soanes, who heads business with financial institutions at the investment bank, as U.K. country head in addition to his current duties, according to the memo.

Switzerland’s biggest bank also named Beatriz Martin as chief operating officer of UBS Ltd. and the London branch, according to a separate memo from Orcel.

Before it's here, it's on the Bloomberg Terminal.