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EFG Bank seeks to expand its Middle East presence |
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11/11/2006 8:54:21 AM |
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EFG Bank, a wholly-owned subsidiary of EFG International, a global private banking group headquartered in Zurich, Switzerland with a presence in Dubai and Bahrain has big plans to expand their presence in the Middle East region.
Speaking to Khaleej Times, Jean-Pierre Cuoni, Chairman of EFG International, a veteran of private banking business, formerly head of private banking for Europe, Middle East and Africa at Citibank and CEO of international private banking at Coutts, said, "We have no business in setting up operations in Dubai and Bahrain, unless we are convinced about a strong expansion strategy within the Middle East region."
Cuoni is open to speeding up the process through acquisitions. "We are open to acquiring a successful private banking business in the Middle East if we can get hold of such firms or operations that comes with right valuation." The phenomenal growth story of EFG during the last 10 years has been laced with successful acquisitions that accounts for more than 50 per cent of its current size. In 1997, it acquired Royal Bank of Scotland's Zurich operation and expanded in Asia, Americas and Europe with significant business coming from the Middle East. Its recent acquisitions include Monaco-based Banque Monegsque de Gestion and Birmingham-based stockbroker Harris Allday. Currently, EFG Bank is present in 41 locations in 27 countries.
In the Middle East too, the bank intends to replicate its growth strategy. "There has been big growth in liquidity and increase in regional wealth in recent years that is providing a new growth momentum for private banking services in the Middle East. EFG Bank aims to be one of the region's leading financial services provider", said Bassam Salem, CEO of Middle East and India.
EFG Bank is very unconventional in its approach to private banking. The whole concept of business development is centred on fully empowered Client Relationship Officers (CROs) who are free to offer wealth management solutions to their clients within the regulatory frame work and subject to management's due diligence.
"We function on an open architecture. There is absolutely no pressure on our CROs to push products or getting new clients. They are free to service clients of any asset size belonging to any geographical region. The essence of the concept is to maintain the "privateness" of the private banking business while providing top service to our clients and maximum operational flexibility to the CRO, said Bassam Salem.
Listed on the SWX Swiss Exchange, EFG International manages assets in excess of $57.4 billion (CHF 72.4 billion). The bank has 374 CROs and the total assets under management are approximately $52 billion (CHF 65 billion) . The Middle East assets represent about 4 per cent of the total assets under management.
Cuoni insists that they are not in the region to push products to the wealthy clients. "We are not the "suit case" type. We here for long haul with strong presence with in the region."
Based in Dubai and Bahrain the bank intends to expand its regional foot print across the Middle East and the subcontinent. "We intend to actively involve our clients in regional opportunities. A number of initiatives such as a regional brokerage, an Islamic fund of funds, and regional equity funds are in the pipeline", said Bassam Salem. |
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