UBS has appointed Phumchai Kambhato to a new position as head of investment banking for Thailand. Kambhato joins from Bualuang Securities, the investment banking subsidiary of Bangkok Bank, where he was head of investment banking.

Kambhato has a long, blue chip investment banking pedigree behind him having worked for JPMorgan in Bangkok, Singapore and London as well as for Schroders in London. He will report to UBS's co-heads of regional investment banking, Peter Burnett and Robert Rankin.

"We've stayed the course in Thailand," says Rankin. "Throughout the Asian financial crisis we maintained our presence and today we have the number one equities franchise. Phumchai's appointment reflects our commitment to our clients in Thailand and our determination to develop and maintain a market-leading investment banking business in this important market."

UBS's most recent major investment banking deal in Thailand was its sole lead managed Bt10 billion ($250 million) equity placement for Bank of Ayudhya in August 2003.