Swiss-based EFG International's new advisory office is expected to be fully operational by December 11 after securing the necessary regulatory approvals from the Dubai Financial Services Authority.
EFG stated that the UAE is already an important market for the private bank and the new office will enhance its ability to serve the region's HNWI client segment by providing advisory services from the Dubai International Financial Centre as well as capture important market opportunities.
The office has been headed by Sascha Pietrek, since November 1, 2019 but will only become fully operational next week.
EFG recruited 22 employees and expects to increase the size of the team to more than 30employees within the first year. The Dubai operations aim to generate approximately $3bn of assets under management by 2022.
Pietrek has held a number of managerial positions over the course of his career. Prior to his appointment to EFG, Sascha Pietrek worked at Deutsche Bank since 2001. He will report to Adrian Kyriazi, head of EFG's Continental Europe and Middle East Region.
Giorgio Pradelli, chief executive officer of EFG International said: "We are progressing well with our 2022 strategic plan. As part of this, the opening of our presence in Dubai is another important milestone to strategically enhance our international footprint across markets which offer a significant long-term growth potential for EFG. Our distinctive value proposition, with its keen focus on clients, combined with our global expertise and in-depth local knowledge, will enable us to provide superior services to our clients in the Middle East."
Adrian Kyriazi, head of Continental Europe and Middle East Region of EFG International said: "With the launch of our new advisory office in Dubai, we are convinced that we will be able to capture new growth opportunities in the region. Building on our already successful operations in Bahrain, we have all the necessary expertise - combined with our extensive in-house products and service offering - to ideally cater to clients' needs.
"We are particularly pleased to welcome Sascha Pietrek to EFG. I look forward to working with him. His deep understanding and experience of the international and regional private banking market will bring great benefits for EFG and for our clients."