By Oliver Hirt and Brenna Hughes Neghaiwi
ZURICH, July 1 (Reuters) - JPMorgan has hired three UBS bankers to launch a wealth management team covering Russian clients out of Zurich, the U.S. bank said in an internal memo on Wednesday.
"Russia remains an emerging market with exciting prospects for us to gain market share and continue to expand our presence," Karim Rekik, JPMorgan's market manager for Russia and Israel, said in the internal memo seen by Reuters and confirmed by the bank.
The move - which the bank said would help ensure the execution of an "ambitious expansion plan" announced last year marks a commitment to Europe.
Major U.S. banks, including JPMorgan, facing unprecedented demand for loans, and under pressure to support their local economy, began taking a more cautious approach to Europe during the COVID-19 pandemic.
Stefan Reutter, formerly UBS's Regional Vice Chairman for ultra-high net worth clients in Europe, the Middle East and Africa, will head the U.S. bank's push to gain market share in the Russian wealth management business, leading the Zurich team, JPMorgan said in the memo.
He is to be joined by Nikolay Vlasikhin, a senior adviser formerly responsible for covering ultra-rich clients in UBS's global family office unit, and Alexander Samorokov, formerly a client adviser for wealthy Russian clients for the Swiss bank, it said. (Reporting by Oliver Hirt and Brenna Hughes Neghaiwi; editing by Barbara Lewis)