Rui Miguel Horta e Costa, managing director and head of European power and utilities investment banking at UBS, is set to leave the Swiss lender to return to his native Portugal as a senior executive at Banco Comercial Português.

Costa, who was an executive director in the mergers and acquisitions group at UBS Warburg from 1995 to 2000, rejoined UBS in the summer of 2006 to head up utilities banking, according to energy news website SparkSpread.