UBS Group AG is extending a $9 billion credit line to one of the Middle East’s most influential investors as Chief Executive Officer Sergio Ermotti seeks to retain the region’s ultra wealthy following the takeover of Credit Suisse, people with knowledge of the matter said.
The Swiss lender recently agreed to provide the financing to former Qatari prime minister Sheikh Hamad bin Jassim bin Jaber Al Thani, the people said, asking not to be named discussing private details. The credit facility is at least 50% more than the total of existing lines from UBS and Credit Suisse that it replaces.
UBS declined to comment on the matter. A representative for Sheikh Hamad didn’t respond to a request for comment.
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