EFG International has executed its growth strategy as presented on 13 March 2019 and expanded its footprint in the Middle East with the establishment of a new presence in Dubai, United Arab Emirates.
Having received the necessary regulatory approvals from the Dubai Financial Services Authority, EFG's new advisory office is expected to be fully operational by 11 December 2019. EFG has also appointed Sascha Pietrek, who will head EFG's Dubai presence, effective 01 November 2019.
The UAE is already an important market for EFG and the new presence will enhance its ability to serve the region's HNWI client segment by providing advisory services from the DIFC, as well as capture important market opportunities. EFG has already recruited 22 employees and expects to increase the size of the team to more than 30 employees within the first year. The Dubai operations aim to generate approximately CHF3.0bn of Assets under Management by 2022.
Pietrek is an experienced professional, having held a number of managerial positions over the course of his distinguished career. Prior to his appointment to EFG, he worked at Deutsche Bank since 2001. Since 2015, he last worked as managing director for the Middle East & Africa region and market head for the Kingdom of Saudi Arabia. Before that, he was co-head of their Asset & Wealth Management Dubai Office, where he was also a member of the Executive Committee.
Between 2004 to 2013, Pietrek served in various management positions at Deutsche Bank Switzerland. Drawing on his broad knowledge of the regional and international private banking sectors, he will be responsible for launching EFG's operations in the DIFC and further developing the bank's presence in the Middle East. He will report to Adrian Kyriazi, head of EFG's Continental Europe and Middle East Region.