(Reuters) - UBS AG (>> UBS AG) has hired Doug Simons and Tannon Krumpelman as managing directors as part of the bank's efforts to expand its financial institutions group.

Simons is a Wall Street veteran of more than 20 years who specializes in commercial banks and depository institutions, UBS said on Thursday.

He joins UBS from Credit Suisse (>> Credit Suisse Group AG). Prior to Credit Suisse, Simons worked at Morgan Stanley and Citigroup (>> Citigroup Inc).

Simons has worked on deals such as Capital One Financial Corp's (>> Capital One Financial Corp.) acquisition of Chevy Chase Bank and BB&T Corp's (>> BB&T Corporation) purchase of Colonial Bank.

Krumpelman will join UBS after nine years at Goldman Sachs Group Inc (>> Goldman Sachs Group Inc), where he built Goldman's domestic mid-cap depository investment banking franchise, UBS said.

He has advised on transactions for clients such as Bankia SA (>> Bankia SA), BankUnited Inc (>> BankUnited), Everbank Financial Corp (>> EverBank Financial Corp) and Suntrust Banks Inc (>> SunTrust Banks, Inc.), UBS said.

(Reporting by Nicola Leske; Editing by Dan Grebler)