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Abu Dhabi Bank to Launch Swiss Private Bank

The National Bank of Abu Dhabi plans to launch a Swiss private banking subsidiary, according to reports in the Middle East press. The ne...
The National Bank of Abu Dhabi plans to launch a Swiss private banking subsidiary, according to reports in the Middle East press. The new private banking subsidiary will be based in Geneva. It will be capitalised at SFr100 million ($77 million). "NBAD is looking to strengthen its private banking proposition through a subsidiary in Switzerland. We have our application with the Swiss authorities," said Michael Tomalin in an interview with the Gulf News. Mr Tomalin was a former head of private banking at Barclays Bank. The bank is around 73 per cent-owned by the Abu Dhabi Investment Authority, which invests the government's oil revenues and a host of other assets. The ADIA's chairman is the territory's ruler, Sheikh Khalifa bin Zayed Al Nahayan. The move follows the National Bank of Kuwait‘s decision to open a Geneva subsidiary some years ago. The links between Swiss banking and the Gulf region have flourished in recent years and many Swiss private banks have greatly enhanced their operations in the region as the oil price has soared.