Dubai is a dynamic financial center for banks and asset managers. Lombard Odier now wants to significantly strengthen its local presence.
Geneva-based private bank Lombard Odier plans to double its workforce in the United Arab Emirates within three years. The long-established bank, which has maintained a representative office in Dubai for 17 years and a branch in Abu Dhabi since 2019, is expanding its presence in the Gulf region to serve family assets and a growing pool of entrepreneurs.
On Course for Expansion
The strong influx of other nationalities in recent years, including European expatriates, has prompted the bank to rethink its strategy for the region, «Reuters» reports. After the Swiss institution received a license from the Dubai International Financial Centre (DIFC), «We are hiring and building up our platform here,» said Amer Malik, head of Middle East international and senior executive officer at Lombard Odier.
He expects the current staff of 17 in Dubai to double within two to three years. Although Saudi Arabia is an important market for the firm, there are currently no plans to open a branch in the kingdom, the statement added.
Malik was appointed by Lombard Odier in April to head its Dubai office. He has more than two decades of experience at financial institutions in the US and Middle East, including Julius Baer and HSBC Private Bank.
Swiss Financial Firm Boom Region
The United Arab Emirates is currently attracting investors and financial houses from all over the world like no other financial center, as Arnaud Leclercq, Partner Holding Privé and Head of New Markets at Lombard Odier, enthused a few weeks ago. Like other Swiss financial firms, the traditional Geneva-based bank is increasingly focusing on the Gulf region, as finews.ch reported.
Deutsche Bank is also currently expanding its presence in the Gulf region with the help of former Credit Suisse employees, among others.
