Swiss private bank Lombard Odier has ambitious growth plans in the Gulf region. As part of its strategy, the Geneva-based bank is looking for partners for the Saudi market.
Lombard Odier already has an office in Dubai and now plans to penetrate the market on the Arab peninsula even further. The bank hopes to conclude a partnership agreement with a Saudi bank, said Arnaud Leclercq, one of the partners at Lombard Odier, in an interview with «Reuters».
Assets Managed Locally
The aim of such a venture would be to get a first-class partner, which would make it unnecessary for local clients to shift their assets to Switzerland. Under such an agreement, Lombard Odier would focus on the management of the assets. Leclercq didn’t say which bank he had in mind.
Apart from the Dubai office and the planned cooperation in Saudi-Arabia, the Geneva-based bank also wants to open an office in Abu Dhabi.
Attractive Market
The Arab peninsula is a very attractive market for private banks due to the high number of rich and super-rich people. Lombard Odier in 2012 started offering investments that were in line with sharia laws. The bank recently received a so-called fatwa to commercialize such investment offerings.
Lombard Odier has now launched such an product, according to the «Reuters» report. Leclercq said that the bank hoped to reach $1 billion in such assets under management within a few years. Currently, the bank has assets of a few hundred million dollars that are invested according to the specific religious demands of the Muslim world.
