Investing.com -- UBS Group AG is restructuring its wealth management operations in the Middle East and moving Christl Novakovic, head of wealth management for Europe, Middle East and Africa, to the region, according to a Bloomberg report Thursday citing an internal memo.

Novakovic will relocate to the Middle East later this summer, global co-head of wealth management Iqbal Khan and regional president Beatriz Martin Jimenez said in the memo. Niels Zilkens, UBS' head of wealth management in the Middle East, will move to Doha.

Khan and Jimenez said the Middle East is central to the bank's growth plans and offers long-term opportunities for the business and its clients.

Novakovic, who has worked at UBS for over 15 years, said in a separate internal memo that the bank's wealth management business in EMEA would be divided into five coverage sectors starting June 1. The restructuring will allow her to focus on supporting the Middle East team's growth efforts.

The bank has lost several senior wealth management bankers in the Middle East in recent months after hiring them less than two years ago to expand its presence in the region. Banks have been competing for talent to attract ultra-high-net-worth clients across the Middle East.