Liechtensteinische Landesbank (LLB) partners with Rothschild & Co to refer private banking clients in Dubai and Abu Dhabi, closing its two-decade presence in the Middle East. The referral involves assets potentially worth CHF 1bn ($1.25bn). Rothschild will absorb LLB’s Dubai office, adding 20 employees to its Middle East wealth management team.

Rothschild & Co’s deal with LLB aims to enhance market reach and service offerings in the Middle East, including corporate advisory. LLB CEO Christoph Reich emphasizes strategic focus on international clients in Liechtenstein, Switzerland, Austria, and Germany. Rothschild’s acquisition of Tenalis in Zurich strengthens its Swiss Wealth Management unit.

Rothschild & Co executive chairman Alexandre de Rothschild sees the UAE’s wealth potential, aligning with the company’s growth strategy. LLB’s move to support international clients with a partner in the Middle East ensures ongoing growth opportunities. The partnership underscores the importance of international private banking for the LLB Group.

Read more at Yahoo Finance: LLB refers clients to Rothschild after UAE exit