Abu Dhabi Commercial Bank ADCB and Schroder & Co Bank are setting up a private banking partnership in Switzerland to offer services to wealthy clients from the United Arab Emirates.

The deal will offer Schroder access to the fast-growing UAE market for high net worth individuals, while ADCB aims to benefit from Schroder's private banking presence in Switzerland, London and Singapore.

"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 like ADCB," the firms said in joint statement.  

ADCB, one of the UAE's largest commercial banks, already works with Australia's Macquarie on infrastructure services and fund management.

Schroder & Co Bank is a subsidiary of Schroders, the UK-listed investment firm.