ONE swiss bank has set up an office in Dubai following its acquisition of Switzerland based-Falcon Private Wealth (FPW), which serves clients in the middle east region and abroad.

The acquisition was first announced by the firm in November 2020.

FPW has been rebranded as ONE swiss private wealth (OSPW) after its transaction was closed on 29 November 2021.

With the new office, OSPW will provide a range of portfolio management and advisory services to high-net-worth (HNW) individuals and their families, family offices and institutional clients in the GCC region.

ONE swiss private wealth CEO Zafar Khan said: “Coming together with ONE enables us to confidently look to the future. We will continue to serve our clients with the same dedication and professionalism, and to offer them the very best services, including access to ONE’s proprietary quantitative management and portfolio insurance services provided since 1993 to top-ranking institutional investors.”

Geneva-headquartered ONE swiss provides asset management and wealth management services to private and institutional clients.

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The bank, which has offices in manages around CHF 5bn in assets, has offices in Lugano and Zurich in addition to its Geneva and Dubai offices.

The development comes as ONE swiss seeks to expand its international presence and access evolving markets.

NE swiss bank CEO Grégoire Pennone said: “This local presence brings us closer to our clients in terms of geographical and cultural proximity and help us to provide them with bespoke investment solutions.

“We are one of the few Swiss private banks that offer in-depth knowhow in the regional fixed income and equity market and provide direct access to the UAE stock market and new public offerings in the region with Lombard lending facilities.”