Africa News First Swiss bank wins licence to operate at Abu...

First Swiss bank wins licence to operate at Abu Dhabi financial hub

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Sunday April 21st 2019 | 01:45 pm

Bank Lombard Odier & Co Ltd has announced it has become the first Swiss private bank to receive a licence to operate at the Abu Dhabi Global Market (ADGM), the capital’s international financial hub.

This marks the bank’s second location in the UAE, it said in a statement.

Patrick Odier, senior managing partner of the Lombard Odier Group, said: “We have been serving clients in the Middle East for half a century, and our new branch in Abu Dhabi is the natural progression of our commitment to them, and testimony to our belief in the region. It will bring us closer to our clients, and allow us to serve them onshore with bespoke, local solutions that draw on our global expertise.”

Mohamed Al Qubaisi, vice chairman of ADGM, added: “ADGM welcomes Lombard Odier to its family. Lombard Odier’s presence will increase the vibrancy of our community. We look forward to seeing their contributions in innovative solutions that will better serve customers and new clients.”

During 12 years of operations in the UAE, the bank said it has doubled in size, adding that the new location at ADGM is in direct response to an increase in demand for Lombard Odier’s services in the region.

Last year, the bank launched its Shariah-compliant offering to better cater towards its local clients in the Middle East.

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