UBS has named Mark Yallop to the newly created post of U.K. group country CEO, responsible for all the firm’s operations in Britain.
Bloomberg reports that Yallop, a former chief operating officer at ICAP and Deutsche Bank, will report to COO Ulrich Koerner, the Zurich-based lender said in an e-mail to employees today that was confirmed by a spokesman. He takes up the post on February 25th.
The news organisation also reports that UBS has won regulatory approval in China to trade derivatives involving local equities, paving the way for the bank to offer onshore structured products directly tracking stocks.
Chinese regulators last month decided to allow UBS to trade total return swaps, Thomas Fang, the bank’s managing director for equities derivatives sales for Asia, said in a phone interview. The bank will use the derivatives to create structured products tied to local stocks, with plans to boost the size of its staff in the country for the business, Fang said.