Arab Bank Switzerland has launched a regulated wealth management entity in the Dubai International Financial Centre (DIFC) to expand its regional operations.
The new firm, ABS (Middle East) Limited, targets entrepreneurs, family offices, and high-net-worth individuals across the UAE and the wider region.
The Geneva-headquartered private banking group appointed Samir Atitallah as CEO of the new entity.
He will oversee the firm’s development, drawing on the institution’s Swiss private banking services and its existing Middle Eastern client network.
Joining the leadership team, Michel Sarfati has been appointed head of family offices. Sarfati previously established the family office segment within the investment banking division at First Abu Dhabi Bank.
The Dubai expansion forms part of a broader growth strategy for the ABS Group, which manages almost US$25 billion in assets. The group provides wealth management, corporate and trade finance, and digital asset services.
“The firm’s long-standing heritage in Swiss private banking, combined with its strong ties to the region, adds further depth to DIFC’s growing wealth and asset management ecosystem.”
Arif Amiri, CEO of the DIFC Authority, said.
“Our objective is to establish a distinctive wealth management firm recognised for combining the discipline of Swiss private banking with a genuine understanding of the investors who are shaping the future of the Middle East,”
Samir Atitallah said.
The group continues to build its capabilities across traditional and digital financial services, following its 2022 acquisition of the Swiss private bank Gonet.
Featured image credit: Edited by Fintech News UAE, based on image by tsyhun via Magnific
