EFG International, a global private banking group, is expanding its footprint in the Middle East with the establishment of a new presence in the Dubai International Finance Centre (DIFC) in Dubai, UAE.
Having received the necessary regulatory approvals from the Dubai Financial Services Authority, EFG’s new advisory office is expected to be fully operational by December 11. It is headed by Sascha Pietrek, since November 1, 2019.
The UAE is already an important market for EFG and the new presence will enhance its ability to serve the region’s HNWI client segment by providing advisory services from the DIFC, as well as capture important market opportunities.
EFG has already recruited 22 employees and expects to increase the size of the team to more than 30employees within the first year. The Dubai operations aim to generate approximately $3 billion of Assets under Management by 2022.
EFG is also announcing the appointment of Sascha Pietrek, who will head EFG’s Dubai presence, effective 01 November 2019.Sascha Pietrek is an experienced professional, having held a number of managerial positions over the course of his distinguished career. Prior to his appointment to EFG, Sascha Pietrek worked at Deutsche Bank since 2001.
He will report to Adrian Kyriazi, head of EFG’s Continental Europe and Middle East Region.
Giorgio Pradelli, chief executive officer of EFG International said: “We are progressing well with our 2022 strategic plan. As part of this, the opening of our presence in Dubai is another important milestone to strategically enhance our international footprint across markets which offer a significant long-term growth potential for EFG. Our distinctive value proposition, with its keen focus on clients, combined with our global expertise and in-depth local knowledge, will enable us to provide superior services to our clients in the Middle East.”
Adrian Kyriazi, Head of Continental Europe and Middle East Region of EFG International said: “With the launch of our new advisory office in Dubai, we are convinced that we will be able to capture new growth opportunities in the region. Building on our already successful operations in Bahrain, we have all the necessary expertise – combined with our extensive in-house products and service offering – to ideally cater to clients’ needs.
“We are particularly pleased to welcome Sascha Pietrek to EFG. I look forward to working with him. His deep understanding and experience of the international and regional private banking market will bring great benefits for EFG and for our clients.” – TradeArabia News Service