UBS (UBS) is expanding its efforts to offer customers deposits with Middle East lenders to take advantage of higher regional savings rates, Bloomberg reported Tuesday, citing people familiar with the matter.

The bank recently offered clients schemes to increase returns by placing funds with Qatar National Bank and previously pitched similar proposals utilizing Saudi Arabia's Al Rajhi Bank, the report said.

Both banks have been offering returns of around 5% on deposits of at least 100,000 UK pounds ($136,500), the report said.

UBS did not immediately reply to MT Newswires' request for comment.

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