Geneva-based Lombard Odier (Lombard) has
rolled out private banking operations in Dubai in a bid to create a
hub for “new market” clients from the Middle East, Africa, Eastern
Europe and Central Asia.

According to Lombard limited partner and head
of new markets Arnaud Leclercq, the current economic climate
presents bank with “a number of opportunities”.

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Currently based in Geneva, Leclercq will
relocate to Dubai and “several key” hires will follow in the coming
months, the bank said.

 

Contender to Europe

Leclercq said UAE is “a viable alternative” to
Europe due to country’s “encouraging” business environment.

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“The expansion of the geographic reach of our
Dubai operations serves as a bridge between key wealth-creating
areas and the bank’s strategic hubs in Switzerland and Asia,”
Leclercq added.

Lombard, which manages $167bn in client
assets, has been developing client relationships in the Gulf
Corporation Council countries for more than 50 years.