Rothschild & Co is expanding its Middle East wealth business through a deal with Liechtensteinische Landesbank (LLB), as international banks beef up their offerings for rich clients in the fast-growing region.
The two-century-old bank, which opened a wealth management division in Dubai only last year, has struck an agreement with LLB to pick up its Middle East clients as the Liechtenstein-based bank retreats from the United Arab Emirates.
If LLB’s clients accept Rothschild as their new wealth manager, the bank said it would potentially pick up SFr1bn ($1.2bn) in assets as part of the deal.
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