A team at Credit Suisse which served wealthy Saudis for years is leaving. The private bankers are moving to a foreign bank in Geneva.
Deutsche Bank is hiring Jamal Abi-Chahine for its international private banking along with client advisors Toufic Rizkallah and Giulio Ferri, effective March 1, the bank said in a statement Tuesday.
The team, who is joining the German lender from Credit Suisse, will work for Deutsche Bank's offshore desk in Geneva.
Abi-Chahine, who is a managing director, has over 30 years of experience in the profession and specializes in super-rich clients from the Middle East, particularly Saudi Arabia, according to the statement. He will report to Ahmed Hammouda.
Ambitions in the Middle Eastern Kingdom
In addition, the well-established team, which already worked together at Credit Suisse for several years, will be in contact with the Saudi Arabian onshore team, which is led by Bassel Zaouk. With the new appointments, Deutsche Bank hopes to expand its client base of super-rich individuals and entrepreneurs in the kingdom.
Meanwhile, the departure of the Middle East specialists is another indication that centrifugal forces have intensified at Credit Suisse. The major Swiss bank is currently restructuring its private banking operations and had to issue a profit warning for the past fourth quarter of 2021.
