Swiss private banking group EFG International has established a new advisory office in Dubai after getting the clearance from the Dubai Financial Services Authority.
EFG considers the UAE as a key market. The latest move forms part of the bank’s plan to focus on geographies that have “long-term growth potential”.
The new office will be initially staffed by 22 people, who will cater to local HNWI clients.
Plans are on to raise the staff headcount to more than 30 in the first year and manage around CHF3bn ($3.04bn) in assets by 2022.
The Dubai office is expected to start full operations, starting from 11 December 2019.
Sascha Pietrek, who joins from Deutsche Bank, will be in charge of the new office.
Pietrek had an 18-stint at Deutsche Bank, where he held several roles including managing director for the Middle East & Africa region, market head for Saudi Arabia, as well as co-head of Asset & Wealth Management Dubai Office.
He will assume the new responsibility on 1 November 2019, reporting to EFG head of Continental Europe and Middle East Region Adrian Kyriazi.
Kyriazi stated: “With the launch of our new advisory office in Dubai, we are convinced that we will be able to capture new growth opportunities in the region.
“Building on our already successful operations in Bahrain, we have all the necessary expertise – combined with our extensive in-house products and service offering – to ideally cater to clients’ needs.”
Earlier this year, EFG opened an advisory branch in Lisbon, Portugal.