Deutsche Bank has hired a Geneva-based team of three from rival Credit Suisse to serve its ultra-rich clients in Saudi Arabia, Bloomberg has reported.

This team, which includes Jamal Abi-Chahine, Toufic Rizkallah and Giulio Ferri, will become part of Deutsche Bank’s offshore desk from 1 March.

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The trio will report to Ahmed Hammouda.

Deutsche Bank co-CEO for the Middle East and Africa Loic Voide was quoted as saying in an interview: “We want to beef up our Saudi coverage for private banking.

“We are actively looking to bring in people that have the ability to diversify our client base.”

Deutsche Bank has been operating in Saudi Arabia since 2004.

The bank has a workforce of over 60 people in Riyadh, with nearly half its employees working on private banking to serve large family groups and UHNW customers. 

Deutsche Bank’s private bank segment is expected to reach around 20% revenue growth this year in the Middle East, including Saudi Arabia, stated Voide. 

The wealth management unit is projected to be integral for the bank in the coming days and in this light, the bank is focusing on the Middle east, particularly the kingdom.

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Plans are on to tap the UNHWIs as well as entrepreneurs in the kingdom.

Voide noted: “It’s important that the bank continues to increase the share of recurring revenues that come from our stable businesses and the international private bank, which includes wealth management, is one of those core business units that can do that.

“In an increased interest rate environment, this is good for banks.”

Meanwhile, last month, Deutsche Bank named James Whittaker as the CEO of its UK wealth management arm.