February 29, 2024

Swiss Banking Giant Lombard Odier Expansion Plans in Abu Dhabi


Abu-Dhabi, the financial capital of UAE, is all set to welcome the opening up of second Bank of the Swiss private banking giant Lombard Odier whose base is headquartered in Geneva during the first quarter this year.

This expansion drive in the Middle East which is one of their core strategic markets will support it to maintain a healthy and robust client base as well it would yield a ten per cent of its global business within next three-five years and thus make this older banking giant to reign supreme globally.

According to Christophe Lalandre, Managing Director of Lombard Odier Dubai, “The Middle East holds a key dimension to their expansion plans and that they would be very keen to capitalise on the high forecast growth in wealth of personals in the Middle East. As well they are in pursuit to provide better services to aid the demands of High-profile businessman and their families.” He also heads the operations from the Abu Dhabi office in one of the Emirates financial free zones, Abu Dhabi Global Market.

According to BCG (Boston Consulting Group) report Middle Eastern regions overall global investable assets share in 2017 had surged to 11 per cent annually at $3.8 trillion out of which UAE’s contribution is expected to rise by seven percentage to be at $590 billion within 2022. It would be in turn driven by an upsurge in equities and investment funds.

All liquidity has driven financial tools like cash and bank accounts, equity, bonds, securities and investment accounts that could be converted as liquid surplus and derivatives etc. are known as the Investable Assets.

The Bank having global assets of more than $276 billion has seen an overall 15 per cent growth year and year on since its inception in Dubai in the year 2012. Its direct focus is to tap the rising appetite among the sharia-compliant wealth advisory services for all clients and offer products like Sukuk (Islamic Bonds) as well as direct equity investments.

According to words as quoted by the group’s Managing Director Arnaud Leclercq “Due to sluggish economic growth as expected in 2019, regional investors/clients want to invest outside their home base as well they need a foolproof solution to determine what are they exposed to.”

According to Mr Lalandre, “The regional clients also want a highly diversified investment approach and want a mix of different funds from various geographies.”

Abu Dhabi’s new office will launch with five staffs transferred from Dubai, and the Dubai office will find an alternative team for their replacements including that of Mr Lalandre. According to Mr Lalandre, Lombard Odier wants the Middle East specially UAE to spearhead the overall expansion plans to account for whole ten to fifteen per cent of the global business within next three to five years’ time period.



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