The head of UBS in Russia, has resigned

Chairman of the Board of Directors of UBS Russia Wright Simonyan left office on April 29. The UBS Bank reported in an official letter (have) to their employees. “Wright Simonyan decided to retire from 29 April, the letter says. — The Board of Directors of the Bank UBS Russia will elect a new chair at the next meeting”.

Wright Simonyan headed the Board of Directors of the Bank in 2014, then with him in the Bank came to his companion Elena Titova. Then he said that his goal was to make the Russian business for an investment Bank. “In a very difficult economic and geopolitical conditions, the Bank became stronger, more energetic, more effective […]. I am sure that by now we have become the best among foreign banks on the Russian market,” wrote Simonyan in his farewell letter to employees.

Latest notable events in the life of the Bank UBS in Russia was the participation in the placement of Gazprom Eurobonds in March, as well as attempt to become one of the organizers of the privatization. However, UBS has not got to number of winners.

“The last day is always sad when you break up with something that has become an integral part of your life, took the idea was a serious intellectual challenge, a platform for interesting and enriching business and human communication”, — stated in the same letter.

Before to lead UBS, Simonyan was an adviser to Rosneft President and Chairman of the Board of Directors of the subsidiary Bank oil company RRDB. Since April 1998, he worked as President of Morgan Stanley’s Russian operations.

Swiss Bank UBS is one of the largest managers in the welfare of the world. Thursday, April 28, the Financial Times wrote that the Bank the other day to announce a restructuring of the business, which mainly relate to support functions such as back office. This reform should save the Bank hundreds of millions of francs a year and lay off hundreds of employees. In a letter announcing the resignation of Simonyan, says that Russia remains a key market for UBS in terms of investment banking business and wealth management.