Top European bank plans big ME push
Dubai, June 7, 2012
LGT Group, the largest privately-held private banking and asset management group in Europe to be run entirely as a family business, is setting up its operations in Dubai, sources said.
The Liechtenstein-based LGT is the latest private bank seeking to expand its footprint and attract business from Middle Eastern clients.
The bank, which managed assets worth 86.9 billion Swiss francs ($90.2 billion) at end-2011, has hired at least six private bankers from Swiss rival Clariden Leu for the business, sources said.
Credit Suisse, Clariden's parent, decided last year to integrate the private bank into its organisation as part of a cost-cutting programme.
Mannan Adenwalla, Clariden's managing director in Dubai, will run LGT's operations there.
'The Clariden integration by Credit Suisse helped LGT as they could get the people required to set up operations,' one source said. 'In the Middle East, hiring the right talent is the key thing for a private bank,' he added.-Reuters