The head of UBS' investment bank, Andrea Orcel, will become chief executive of the bank's British arm effective immediately, according to a memo seen by Reuters on Tuesday.
The news agency reports that the bank also appointed David Soanes, head of financial institutions at the investment bank, as country head for Britain.
While Orcel's role is a part of a requirement of Britain's Prudential Regulatory Authority (PRA), which was created last year after the Financial Services Authority (FSA) was disbanded, Soanes' role is to define and put into place strategy together with the bank's regional and unit management.
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UBS investment bank head Orcel adds British CEO role - memo
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