UBS’s Market Head Israel, Ido Ben Haim, is leaving the bank to pursue new opportunities outside the firm, according to an internal memo obtained by finews.com.

As part of continued preparations for the integration of business areas, it was decided to place both divisions under a single leadership structure, according to the memo written by Katya Lehmann, Sector Head WM Eastern Europe, Israel and Africa.

With immediate effect, Yariv Shaphyr has been appointed interim Market Head WM Israel. He brings more than 25 years of experience in investment advisory, trading, and structuring. Over the past ten years, he has worked at Credit Suisse and UBS, advising Ultra High Net Worth clients in Europe and Israel. Shaphyr is fluent in English and Hebrew, and most recently served as Head of Global Family and Institutional Wealth in EMEA, the memo stated.