- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:31 06:50 12:15 15:12 17:34 18:53
Abu Dhabi Commercial Bank (ADCB) and Schroder & Co Bank entered into an alliance to offer private banking and wealth management services to UAE clients out of Switzerland.
Advised by Lansdowne Capital, ADCB said the partnership will enhance and complement its on-shore proposition for high net worth clients in the UAE and ready access to an established private banking facility based in Switzerland.
"Structured as an alliance, this partnership is the outcome of a detailed study of several business models undertaken by ADCB, including setting up of an independent private bank or a joint venture operation in Switzerland, which indicated that the alliance partnership model being pursued by ADCB is the only sustainable and profitable route to a private banking offering in Switzerland for a UAE-based bank such as ADCB," said the bank.
Ala'a Eraiqat, CEO of ADCB, said: "After stringent due diligence of several banks in Switzerland, we have identified and partnered with Schroders as the most suitable partner for us in this venture. Not only do they have an excellent track record of client wealth preservation and accumulation but from its operation in Switzerland we will also be able to offer our clients access to Schroders' private banking centres in Singapore and London in due course."
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