Swiss Private Bank Forges Alliance in Middle East

Neue Privat Bank is teaming up with a Cypriot investment firm and is about to enter a completely new market.

Zurich-based Neue Privat Bank (NPB) and Cyprus-based investment firm ALMHA have reached an agreement. They are planning a joint venture for wealth advisory services in the United Arab Emirates (UAE). The joint venture is expected to begin operations toward the middle of the year.

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Peter Albinsson, who as head of offshore banking is driving the project on the part of NPB, has years of experience in the Middle East. ALMHA, in turn, was founded by Amjed Al Jaffery, owner of the London-based SAAJ Family Office Group, which manages the money of wealthy families from the Middle East, North Africa, and Europe. Also on board with the Cypriot investment firm is Hareb Al Darmaki, a businessman from the Emirates.

For the NPB, the collaboration opens the door to asset management in this growth region. The Swiss private bank, which is relatively young at twenty years, is owned by its management, in particular by CEO Markus Ruffner.