Switzerland’s Habib Bank AG Zurich (HBZ) has opened a new branch in Dubai International Financial Centre (DIFC) to enhance its presence in the private banking and wealth management sector.

The branch will help the bank to serve its private banking and wealth management clients in a better way, noted DIFC.

The branch will provide clients with a platform that supports preservation of wealth and legacy planning solutions.

The development comes shortly after the launching of a new family business and private wealth centre by DIFC in August this year.

DIFC Authority CEO Arif Amiri said: “Many of the fastest growing places for wealth accumulation in the world are in the Middle East, Africa and South Asia region – especially the UAE – which makes DIFC the natural choice for financial services companies who serve private banking and wealth management clients.

“We welcome Habib Bank AG Zurich to our growing ecosystem of more than 4,000 financial-related firms.”

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HBZ commenced its operations in UAE in 1974. Its has been offering retail, commercial banking and Islamic banking solutions to its clients in the region.

Habib Bank AG Zurich CEO of group wealth management Salman Haider said: “Habib Bank AG Zurich, established in 1967, is an institution with a rich heritage and legacy.

“Being a part of DIFC will further cement our position in the UAE and the wider region.

“DIFC represents an important centre for us to pursue our growth ambitions.”