UBS senior banker who pioneered ESG debt swaps leaves firm
He is among a select group of former Credit Suisse bankers who made it into top roles at UBS, after it acquired its troubled Swiss rival last year
A SENIOR banker at UBS – best known for his role in pioneering debt-for-nature swaps – has left the firm, said people familiar with the matter.
Ramzi Issa was global head of credit investor products structuring at Credit Suisse, before being appointed head of global structured credit and sustainable credit products at UBS a year ago.
He is no longer working at the Swiss bank, said the sources, who asked not to be identified discussing the development before it is made public.
A spokesperson for UBS declined to comment. Issa did not respond to a request for comment.
Issa was among a select group of former Credit Suisse bankers who made it into top roles at UBS, after it acquired its troubled Swiss rival last year.
Bloomberg reported in August that UBS is working to help raise funds for a US$300 million debt swap for Barbados, marking its first foray into a market Issa helped to build in 2021.
Debt-for-nature swaps are intended to help developing economies refinance existing debt on better terms, and then put part of the savings towards nature conservation. The Barbados swap, which UBS is currently working on, will focus on funding climate-resilient infrastructure.
Before its 2023 acquisition by UBS, Credit Suisse said it had arranged swaps to restructure about US$2.3 billion of debt for governments spanning Belize to Ecuador.
Those deals resulted in some US$680 million of new financing dedicated to nature conservation, said the bank. BLOOMBERG
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