Liechtenstein’s LGT Group is to set up a unit in
Dubai to grow its presence in the Middle East.

The new division will provide private banking
services to clients across the Gulf countries, the East
Mediterranean area, Turkey, Africa, South Asia, and the
non-resident Indian and Subcontinent markets.

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“Our services are generating a great deal of
interest in the Middle East. With a strong local presence, we can
now make our innovative investment solutions more accessible to new
client groups in this rapidly growing region,” said the group CEO
Prince Max von und zu Liechtenstein.

 

LGT turning to emerging
markets

The formation of the Middle East unit underlines
how LGT is moving its focus from Europe to emerging markets.

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LGT sold its seven office German private banking
business to ABN AMRO’s German private banking subsidiary Delbrück
Bethmann Maffei in September 2011.

In June 2012, the princely House of
Liechtenstein’s private bank said it has plans to double assets in
Asia to $24bn in the next five years after adding staff and
investing in information technology.

 

Former Merrill Lynch head
appointed

Tamer Rashad, the former head of Merrill Lynch’s
Middle East wealth management business, has been appointed CEO of
the new unit.

“Rashad’s experience will help us strengthen
existing client relationships and rapidly develop our business,”
said Thomas Piske, LGT private banking CEO.

The opening is subject to approval by the Dubai
authorities with the new office expected to open by the fourth
quarter of 2012.