UBS appoints Chi-Won as Chairman and CEO of Asia Pacific

Swiss banking major UBS today said it has appointed Chi-Won Yoona as Chairman and Chief Executive Officer of Asia Pacific with immediate effect.     

Yoon succeeds Rory Tapner who after 25 years is leaving UBS, the company said in a statement.     

Yoon had joined UBS in 1997 as Head of Equity Derivatives and became Head of Asia Equities in 2004. He became Head of Asia Pacific Equities in 2008, and Head of Equities and Head of FICC (Fixed Income, Currencies & Commodities) for Asia Pacific in 2009.     

Prior to joining UBS, he had worked for Lehman Brothers and Merrill Lynch.     

"The chance to lead UBS in Asia Pacific with its strength and depth across the region in investment banking, and wealth and asset management is exciting and I look forward to following in Rory's very successful footsteps.     

"Despite the challenges that the industry faces in the near term, Rory leaves a business with impeccable credentials and a stability and client base that is the envy of many," Yoon said.     

UBS has more than 9,500 employees in Asia Pacific. The firm says that it has the largest and leading wealth management business in the region.