Swiss private bank Pictet has set up a new banking branch in Monaco in response to the increasing demand from the region’s private clients.

The new branch is legally affiliated to the Luxembourg arm of Pictet.

Its team of 10 senior private bankers will primarily target private clients based in Monaco.

The bank has already secured the regulatory nod for the new branch, which will be led by ex-Julius Baer executive Alain Ucari.

At Julius Baer, Ucari served as chairman of the board in Monaco.

He also had a stint at Credit Suisse, where he was in charge of the Monaco branch for nearly 12 years.

Pictet senior partner Renaud de Planta said: “In recent years and owing, in particular, to its legal and regulatory stability, the Principality has become a financial centre of choice for high net worth individuals, entrepreneurs and families.

“We believe that Monaco offers tremendous opportunities to establish long-term relationships with clients seeking tailored services, with a focus on the human touch and independent advice.”

Recently, Pictet announced plans to end exposure to fossil fuel from its balance sheet.

The move would include fossil fuel production and extraction, covering oil, gas and thermal coal.

In 2019, Pictet posted a year-over-year decrease of 9% in consolidated net profit to CHF539m ($553m). The fall was said to be largely due to staff investments.