Swiss private bank in talks on Saudi partnership: report

Swiss private bank Lombard Odier is holding talks to set up a local partnership with a Saudi bank in order to strengthen its presence in the GCC, Reuters reported, citing Arnaud Leclercq, its managing director.

The Geneva-based bank, which had $281 billion in total client assets as of the end of last year, has a representative office in Dubai and is now looking at potential partnership options across the region.

“The model is to have a partnership with one of the best local banks so clients don’t have to transfer assets to Switzerland to us,” he said.

“The money stays in the country, in the book of the bank, but we would have this partnership to manage the assets internationally,” he added, without giving the name of the Saudi bank.

Lombard Odier is also planning to invest in assets including sukuk, or Islamic bonds, equities and so-called “thematic funds”, such as Islamic real estate funds, the report added.