UBS has decided to shut down its representative office in Dubai and shift the operations to Abu Dhabi.
The move is part of the bank’s attempt to optimize its local operations in the United Arab Emirates.
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The transfer of its operations will boost the firm’s business in Dubai’s financial free zone.
The bank said that the Abu Dhabi office will serve as the legal entity in the UAE to receive all legal liabilities related to the RO Dubai.
As part of a strategy unveiled by UBS CEO Sergio Ermotti, the bank has also been shrinking its corporate advisory and investment banking services for ultra-rich clients in some emerging market countries to boost profitability.
The bank’s DIFC base provides services including investment banking, research and wealth management to clients as an advisory office.
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By GlobalData"UBS is committed to its presence and franchise in the Middle East where it has been present for half a century. Through its Advisory Office in Dubai, UBS will maintain the same level of market coverage and strengthen its footprint in the UAE out of the Dubai Financial Centre (DIFC)," a bank statement said.
