Swiss private bank Lombard Odier is expanding its footprint in the UAE by setting up an office in Abu Dhabi.
The new branch will be located within the Abu Dhabi Global Market (ADGM), an international financial centre.
Through the new office, the bank will offer clients in Abu Dhabi international investment services as well as Islamic finance solutions.
Lombard Odier Group senior managing partner Patrick Odier said: “Our expansion in Abu Dhabi is testimony to our belief in the UAE and broader Gulf region, our long-term vision, and our desire to offer our clients global expertise via local solutions.”
The private bank considers UAE as one of its “fastest-growing” markets and a bridge between its European and Asian businesses.
The bank has been operating in the UAE for 12 years. It already has a representative office in Dubai.
The expansion in the region is said to be in response to rising demand from UAE clients, particularly for onshore wealth services.
The private bank secured the in-principle nod from ADGM’s Financial Services Regulatory Authority for the new branch.
Christophe Lalandre, presently the managing director of the bank’s Dubai office, will be in charge of the Abu Dhabi office.
Lombard Odier capital partner and head of new markets Arnaud Leclercq said: “Opening a branch office in the UAE’s capital will bring us closer to our clients, and allow us to serve them onshore with bespoke, local solutions.”
Source : verdict.co.uk
