Ex-UBS executive Zeltner joins KBL private bank as CEO

ZURICH (Reuters) - Former UBS Wealth Management head Juerg Zeltner will become a director and chief executive of KBL European Private Bankers (KBL epb), the Luxembourg-based group said on Friday.

Pending regulatory approval, Zeltner will replace Peter Vandekerckhove, who will remain on the board of directors.

Jakob Stott, former vice-chairman of UBS Wealth Management, will join Zeltner at KBL epb as CEO, Wealth Management, and as a member of the executive committee, it said in a statement.

Backed by KBL epb shareholder Precision Capital, Zeltner and Stott will oversee major investments at the group of boutique private banks. "Both will personally participate in the group's long-term success through significant co-investments," it said.

The group's clients include wealthy individuals and families as well as institutional and professional customers.

Its brands include Brown Shipley in Britain, InsingerGilissen in the Netherlands, KBL Espana in Spain, KBL Luxembourg, Merck Finck in Germany, Puilaetco Dewaay Private Bankers in Belgium and Banque Puilaetco Dewaay in Luxembourg.

(Reporting by Angeelika Gruber and Michael Shields; editing by Jason Neely)