LGT Group, the biggest lender in Liechtenstein by assets, has appointed the former CEO of Julius Baer Middle East, Peter Schär, to head its Middle East operations.

Schär was heading Julius Baer ‘s Middle East operations in Dubai since 2009 and stepped down from the role in September 2014. He will be commencing the role of CEO at LGT Middle East as of 1 January 2015.

LGT expects an ambitious double-digit growth in its Middle East business within the next five to ten years, PBI can also report.

"Our goal is to build a strong presence in the region over the next five to ten years – trying to repeat our successful growth story in Asia," Christof Buri, head marketing & communications, LGT Group told PBI.

To grow the business, the bank is looking to hire "experienced client advisors who know the region well and have a good book of clients," the bank further told PBI.

LGT currently employs approximately 20 people in the Middle East and has been growing its operations "nicely" since according to Buri since the private banking office in Dubai was opened in February 2013.

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"Our story is well received in the region, the concept of a Princely Family as owners resonates well with the local clients," Buri added.

LGT (Middle East) serves clients from its offices in Dubai, Bahrain, Geneva and Zurich.

"LGT has an excellent track record in expanding and diversifying its international business over the last 15 years, it is among the most financially stable banks in the world and we offer outstanding investment services," Buri said.

LGT Private Bank is owned by the Liechtenstein royal family and currently managing $120bn in AuM.