Switzerland-based Lombard Odier has expanded its footprint in Latin America by opening an office in Sao Paulo, Brazil.

The office will be overseen by Matteo Dignola, market head LatAm at Lombard Odier.

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Clients in Brazil will now have access to Lombard Odier international investment expertise and solutions, as well as independent advice.

Dignola said: “We believe the combination of our Swiss Private Banking heritage and the services of an independent ’boutique’ private bank, with leading international investment expertise, will be a powerful offering for Brazilian clients.”

Marc Lopez, limited partner and regional head of Southern Europe and LatAm at Lombard Odier added: “This is another important step in our new LatAm strategy and is testament to our faith in the growth and economic stability of the region.”

“For 225 years, Lombard Odier has served clients and their families, using bespoke expertise and innovation to help them preserve and grow their assets over time. Our expansion in Brazil reflects our long-term commitment to this important market, and our desire to offer our clients both the full breadth of our global expertise together with a closer geographic proximity,” continued Frédéric Rochat, managing partner of the Lombard Odier Group and co-head of the private clients division.

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The Sao Paulo arm has secured approval from the local Securities Commission and is also seeking formal approval from the Central Bank of Brazil.

Lombard Odier has weathered the Covid-19 storm, reporting a growth in net profit and assets due to strong net new money and favourable market impacts.

Consolidated net profit stood at CHF208m ($229.6m), a 19% increase from a year ago.

Fresh money flows, investment performance and increased client activity in turbulent markets led to a 15% year-on-year rise in operating income to CHF1.4bn.

The CET1 ratio, a key measure of strength, was 29.7% at the end of December 2020. The liquidity coverage ratio was 231% at the end of the period.

Client assets as of 31 December 2020 totalled CHF316bn, a growth of 6% from the prior year.

The bank aims to be “cautiously optimistic” in the current year and continue its goal of growing its clients’ assets while addressing potential risks.

Additionally, it said that it will continue to make “significant investments” in its proprietary banking platform.