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UBS Recruits Eight Oil, Gas Bankers From Fortis Bank

The move follows a series of departures from the Swiss bank

UBS AG has engaged eight oil-and-gas bankers from Dutch lender, Fortis Bank following a series of departures from the Swiss bank – reported Reuters, quoting The Wall Street Journal as its source.

The news agency reported that UBS is expected to add eight senior bankers from Fortis in Dallas, giving UBS its first investment banking office there.

Darrell Holley, former global head of oil and gas banking at Fortis, will report to Steve Trauber, global head of UBS’s energy group. They are expected to commence at UBS later this year.

The Fortis group specializes in loans to speculative-grade firms, especially reserve-based lending in which energy reserves are used as collateral on loans, reported RTTNEWS.