UBS Asia investment banking co-head Beniwal to leave bank: Sources

The UBS logo on a banner in Basel, Switzerland, on May 10, 2016.
The UBS logo on a banner in Basel, Switzerland, on May 10, 2016. PHOTO: EPA

SINGAPORE (REUTERS) - Saurabh Beniwal, co-head of UBS AG's Asia Pacific investment banking, is departing from the Swiss lender, leaving Joseph Chee as the sole head of the business, sources familiar with the matter told Reuters on Friday.

Mr Beniwal, who is based in Singapore, took up the current role last year and was previously the investment banking head for Southeast Asia, excluding Philippines. Mr Beniwal joined UBS in 2000 and is expected to stay at the bank till December.

UBS and Mr Beniwal declined to comment.

Mr Beniwal's expected departure comes after Matt Hanning, UBS's head of corporate client solutions in Asia Pacific, left last month and was replaced by Sam Kendall.

The corporate client solutions business houses UBS's merger and acquisitions advisory business and the teams helping with stock market listings, bond issues and other types of financing.