Banque Lombard Odier & Cie SA is discussing a potential partnership with a Saudi Arabian bank as it looks to boost its presence in the Gulf region, the Swiss private bank's managing director, Arnaud Leclercq, told Reuters.
Declining to name the prospective partner, Leclercq told the newswire that the basis for the idea was that Lombard Odier could manage its clients' assets internationally, instead of having to transfer them to Switzerland.
The Swiss lender, which had a total of $281 billion of client assets at the end of 2017, already has a representative office in Dubai, and is now looking to expand in the Middle East, with most of its Gulf customers in the United Arab Emirates, Kuwait and Saudi Arabia, according to Leclercq.
Leclercq added that Lombard Odier is planning to launch a second UAE office in Abu Dhabi. The bank is also looking to invest in assets including Islamic bonds, equities and Islamic real estate funds, Reuters noted.
