Bank Frick, based in Liechtenstein, is expanding its international presence with plans to open a branch in Dubai’s finance and growth market.

The bank has applied for a category 4 licence from the Dubai Financial Services Authority (DFSA) and expects to receive it in 2025.

The new branch will be located in the Dubai International Financial Centre (DIFC).

Edi Wögerer, CEO of Bank Frick, explained,

“Dubai has successfully positioned itself as a blockchain and crypto hub in recent years, but is also becoming increasingly attractive for asset managers and family offices. At the same time, Dubai is a growth market and offers ideal conditions for entering the market. The market is characterised by major dynamism, an entrepreneurial spirit and a high level of innovation. This fits in with our entrepreneurial mindset, our fintech mentality and our growth strategy.”

The UAE’s economic diversification, rising GDP per capita, and growing investment power make Dubai an attractive market.

The location also acts as a gateway to the wider Middle East region, providing optimal conditions for Bank Frick’s growth strategy.

The Dubai branch will primarily serve as a strategic bridge to the bank’s headquarters in Liechtenstein, offering client proximity while facilitating the marketing of its products.

Stefan Rauti, Head of Intermediary Solutions at Bank Frick, is leading the establishment of the new branch. He said,

“I am pleased to continue expanding our network in this dynamic and fast-growing market, maintaining valuable relationships and generating new ideas locally.”

With around 30 years of industry experience, including 15 years at Bank Frick, Rauti previously set up the bank’s London office and now oversees the Intermediary Solutions department, which he will transfer in the medium term.

Featured image credit: edited from freepik

This article first appeared on Fintech News Switzerland