The Geneva-headquartered private bank, already present in the GCC region, is looking to extend its footprint.

Lombard Odier is looking to partner with a Saudi bank and bolster its presence in the Gulf Co-operation Council Council region, a media report said.

The private bank already has a representative office in Dubai, and is exploring partnership options, Reuters reported.

This news service has contacted the bank for comment, and may update in due course.

“The model is to have a partnership with one of the best local banks so clients don’t have to transfer assets to Switzerland to us,” Arnaud Leclercq, partner and group managing director, told the news service. “The money stays in the country, in the book of the bank, but we would have this partnership to manage the assets internationally,” he was quoted as saying, but did not name the Saudi bank.

Most of the bank’s clients in the Gulf are based in the United Arab Emirates, Kuwait and Saudi Arabia. The firm is also looking to open a second UAE office in Abu Dhabi, said Leclercq.