Bank Sarasin & Co. Ltd to operate at the Dubai International Financial CentrePress Release 01 Mar 2005 11:58 am
Bank Sarasin & Co. Ltd, a traditional Swiss private bank, has set up Bank Sarasin-Alpen (ME) Limited, a joint venture with Alpen Capital Corporation Ltd., an established corporate advisory firm based in Dubai. Both companies have combined their expertise to form Bank Sarasin-Alpen (ME) Limited, which has been granted a licence from the Dubai Financial Services Authority (“DFSA”) to market Bank Sarasin’s services.
Operating from the Dubai International Financial Centre (“DIFC”), the new joint venture will focus on the acquisition of clients in the Middle Eastern Gulf Region, who will be offered Bank Sarasin’s complete range of wealth advisory services. The joint venture’s marketing efforts to clients will be supported by Alpen’s, established local presence and long experience in creating value through knowledge of the local market and access to key decision makers.
The success factors of Bank Sarasin-Alpen (ME) Limited lie in the professionalism and proven delivery capability of investment managers, the tailor made global investment approach and an outstanding network for complementary businesses. This, combined with the confidence in a traditional Swiss Bank and the local established partners, is a strong foundation for Bank Sarasin to grow its geographical reach.
Bank Sarasin-Alpen (ME) Limited’s Board of Directors is comprised of Dr Heinz Zimmer, Chairman, Eric Sarasin and Franz von Meyenburg, all current members of Bank Sarasin’s Group Executive Board, and Johann Kurmann and Rohit Walia from Alpen Capital. Rohit Walia will be the CEO and Managing Director of Bank Sarasin-Alpen (ME) Limited. From Bank Sarasin’s Group Executive Board, Eric Sarasin has the overall responsibility for this joint venture. Dr Florian Treu will represent Bank Sarasin in Dubai as Deputy Managing Director of Bank Sarasin-Alpen (ME) Limited.
Commenting on the granting of the licence, Dr Heinz Zimmer, Chairman of Bank Sarasin-Alpen (ME) Limited,said “We have been particularly impressed with the efficient and professional approach of the DIFC and the DFSA.”
Eric Sarasin, Executive Director of Bank Sarasin-Alpen (ME) Limited, added “The granting of the licence in Dubai constitutes an important development for Bank Sarasin, as we can now operate closer to the Middle Eastern markets where the rapid growth of local economies is resulting in significant wealth generation, and thus in more demand for private banking services.”