UBS announced today it has appointed senior executive Alex Wilmot-Sitwell as co-chairman and co-chief executive for the Asia Pacific region and he will lead the region together with Chi-Won Yoon, current chairman and CEO, Asia Pacific.

Wilmot-Sitwell will be based in Hong Kong and will take over his new role on 1 November, the Swiss bank said in a statement. He has been at UBS since 1996 and was appointed joint global head of investment banking in 2004, chairman and CEO of Europe, Middle East and Africa in 2008 and co-CEO of the investment bank in April last year.

Under the changes, Carsten Kengeter, currently co-CEO of UBS' investment bank, will become sole head of the investment bank.

“Alex and Carsten were instrumental in turning around the position of our investment bank. As such I am convinced that Carsten will continue leading the investment bank towards sustainable success in line with our mid-term targets,” said Oswald Gruebel, group CEO.

Chi-Won Yoon joined UBS in 1997 as head of equity derivatives, becoming head of Asia Equities in 2004, head of Asia Pacific equities in 2008, head of equities and head of FICC for Asia Pacific in 2009 and chairman and CEO Asia Pacific in June 2009.

Kengeter has worked at UBS since 2008.