In a managerial shuffle that sets the stage for a contest to succeed Chief Executive Officer Sergio Ermotti, UBS Group AG named Investment Bank Head Rob Karofsky to lead its US division and co-manage wealth with Iqbal Khan.

The Zurich-based bank official announced on Thursday that Iqbal Khan, who had previously been in sole command of the important wealth arm, would now also assume the role of president of the Asia-Pacific region. UBS is restructuring its executive board as it prepares to complete the legal merger with Credit Suisse and concentrate its strategy on significant markets in the Americas and Asia. Ermotti wants to grow in the US and Karofsky’s promotion helps him do so, while Khan’s position allows him to concentrate on high-growth areas.

According to the sources, part of the thinking behind the modifications was to make sure that Karofsky and Khan both had more comprehensive experience leading various divisions of the bank in order to bolster their credentials in a prospective CEO contest.

The division also provides other domains to demonstrate their abilities — UBS’s growth in the US is a difficult task and the bank’s primary focus is the wealth business. The anticipated departure date of Ermotti from his second term as head of the bank has been moved out to early 2027 by UBS, which is still committed to finishing the integration of its rival competitor. In addition to aiming to increase the bank’s footprint in the US, where it has historically been smaller than its Wall Street counterparts, the CEO is attempting to position the company for growth after the merger.

Two additional options that may be considered for the top post are Beatriz Martin, who is in charge of the critical division that is closing down Credit Suisse assets, and Sabine Keller-Busse, who is in the lead for UBS’s Swiss division. UBS is the largest wealth manager globally, except in the United States.