Switzerland's Liechtensteinische Landesbank (LLB) is aiming to capture a share of the Middle East's private and investment banking through its entry into the UAE, the bank's chief said.
LLB yesterday opened its representative office in Abu Dhabi and plans to enter the Dubai market next.
"The Middle East is growing very fast with many economies booming here and LLB wants to be part of the action," said Patrik M. Paulus, chief executive.
"This is our first entry into the Middle East. We will look at having a presence in Dubai soon as we see tremendous opportunities in private banking and investment banking."
Saeed Abdullah Al Hamiz, Executive Director of the Central Bank's Banking Supervision and Examination Department, and other dignitaries were present.
With a triple rating and assets totalling about 22 billion euros under management, the 144-year-old Swiss bank is listed on the Zurich Stock Exchange.
With the UAE as the hub, LLB will tap neighbouring GCC markets and Iran.
Mahmoud Suliman Rey, LLB area manager, said the growth projections for private and investment banking are very high in this region due to the robust economic growth in the oil-rich economies. "This region is one of the most attractive places in the world today."
