UBS Australia's new co-head of investment banking, Greg Peirce, says the handbrake placed on mergers by the COVID-19 pandemic may soon be released, as strong companies try to pick off weakened competitors.

UBS announced on Monday evening that Mr Peirce, who is currently based in Hong Kong as global co-head of M&A, will return to Australia as head of global banking for Australasia, alongside UBS joint country head Anthony Sweetman.