Swiss bank Pictet and Cie, which has assets of $325 billion, announced on Tuesday its plans to accelerate growth of its business in the GCC. Ivan Pictet, senior partner of Pictet, said the expansion plan included applying for a Dubai International Financial Centre (DIFC) licence and establishing a team of fund managers in the region.
He said: “Ever since we opened an office in Dubai last year, we have experienced strong growth in demand from clients seeking bespoke banking services, long-term relationships and independent investment advice.
“We have decided to accelerate the growth of our business in this region.” Pictet and Cie, the 203-year-old Swiss bank, opened a representative office in Dubai in July 2007, since when it says it has steadily built up the scale of its business.
Pictet said the bank’s growth plans followed the significant success it had enjoyed with clients in the region, notably ultra high net worth individuals, sovereign wealth funds, pension funds as well as central banks.
Pictet’s Dubai-based team currently comprises 11 professionals and provides the full range of the bank’s products and services.
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