Lombard Odier continues to expand in Europe, opening private bank offices in Italy.
The Geneva-based private bank has had an asset-management branch in Milan since 2011. Now, it will add a private bank office, the company said in a statement today.
«The opening of an office in Milan will allow us to get closer to many of our Italian clients,» said Frederic Rochat, one of the bank's managing partners, according to the statement.
Lugano Manager in Charge
Lombard Odier will offer its private clients a range of wealth management services, such as wealth planning, portfolio management, tax and custody reporting.
Massimiliano Sorbi (pictured left) has been put in charge of the office. Sorbi currently works as managing director at the Lugano-branch. Previously, he was at BNP Paribas, taking care of Italian clients.
European Expansion
The new office in Milan complements the network of branches in Europe, Lombard Odier said. It currently operates offices in Paris, Brussels, London, Madrid, Amsterdam and Luxembourg.
Italy is the third-biggest private-banking market in the eurozone and several banks have therefore shown their interest in expanding in the Southern neighbor of Switzerland.
UBS, Julius Baer and Vontobel all have made acquisitions in the recent past, developing their presence in Italy.
