Bank Sarasin-Alpen, a subsidiary of the Swiss private banking group Sarasin, has launched a representative office in Abu Dhabi after having been granted regulatory approval from the Central Bank of the UAE.

The new office is the firm’s seventh in the Middle East and India, the other six being in Dubai, Doha, Manama, Muscat, Mumbai and New Delhi. In the Middle East and India Sarasin-Alpen operates alongside the investment bank Alpen Capital, so there is significant interplay between the two firms’ investment and private banking activities.

“Sarasin is committed to expanding its presence in the Middle East. We see great potential in the opportunities provided by the Gulf markets,” said Fidelis Goetz, head of private banking at Bank Sarasin & Co.

In other recent expansionary moves by the bank, last month Sarasin confirmed that it plans a regional expansion drive for its German subsidiary. The bank currently has three branches in the country, and said it aims to open one more in the “foreseeable future”, before going on to eventually bring its number of German offices to six.