Switzerland will remain the number one centre for private banking, but Dubai is emerging as a rival, the chairman of the Swiss Bankers Association has said.
Pierre Mirabaud, chairman, Swiss Bankers Association, and senior partner, Mirabaud & Cie, banquiers privés, was speaking at the Dubai launch of the bank’s Middle East subsidiary.
“As Switzerland, we have to be very aware that this is a very active competitor for us, and I want to assure you that we intend to remain the first. We are very jealous of the growth rate here – how the DIFC started from scratch is fantastic,” said Pierre Mirabaud.
“Switzerland does not suffer from new financial centres, it profits, and Swiss banks are very much active in every new financial centre.”
He added that Swiss banks were looking at ways to cooperate with UAE banks and securities exchanges.
Federal Councillor Doris Leuthard, Head of Switzerland’s Federal Department of Economic Affairs, who opened the office together with HE Dr Omar Bin Sulaiman, governor of the DIFC, said: “Mirabaud’s introduction into the Middle East is representative of the growing ties between Switzerland and the Emirate of Dubai. We can now look forward to an increasing exchange of banking and financial expertise and ideas between our two cultures.”
Mirabaud is an independent wealth and asset manager offering investment funds managed by both the bank and third parties. In a model it says is unique to the Middle East, Mirabaud offers its clients flexibility in choosing their custodian bank, and offers competitive and transparent management costs.
Gilles Rollet, CEO, Mirabaud (Middle East) Ltd, said: “Our open-platform architecture provides clients with the opportunity to not only make use of Mirabaud products, but also to take advantage of many of the best products available globally. Our sole aim is to provide products and services that best meet the needs of our clients – wherever they are based.”
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