The Geneva-based bank Union Bancaire Privee has opened its first branch in Riyadh in a key move towards its long-term growth and as an indication of the increasing evolution of wealth management requirements in Saudi Arabia.
The drive comes after the kingdom is experiencing significant transformations, such as financial, under Vision 2030, which demands international expertise and global investment.
With the launch of its new office, the family-owned UBP aims to position itself in the dynamic financial environment of the Kingdom in collaboration with the local banks, families, and the next generation of wealth holders.
In an interview with Arab News, bank executives noted that the opening of a new office is a long-term move to serve the needs of the private clients, family offices, and institutions seeking international experience in an era of great economic change.
The new office in Riyadh enables the bank to collaborate more with customers, learn their priorities on the ground, and address the changing needs due to the transformation of the Kingdom under Vision 2030.
According to the Arab News, the ambitious target of the Kingdom made the Senior Managing Director, Mohamed Abdellatif, state that the needs in specialized advisory-oriented abilities have been growing: “The structure in the financial scene is changing, and it is demanding foreign expertise.”
He stated that “We are here today to support that vision on the ground, sitting with clients face to face and understanding what their needs are.”
Abdellatif pointed out that the expansion of UBP is not to compete with the local players, but to ensure that the market has strong foundations. He added that “We are coming here to support the Saudi banks and their journey. Rather, we are complementing the current banking scene.”
With the increase in depth of financial markets and diversification of investor profiles, Abdellatif indicated that Saudi clients are looking to gain global exposure and increasingly specialized support.
He said, “The client needs something different — international exposure, international expertise.”
He further explained that this, in fact, enhances further financial globalization of the Kingdom, indicating, “Adding the financial and international expertise will cover the globalization of the Saudi market. We are benefiting from Vision 2030 by coming and being part of this uphill journey.”
CEO and head of advising for Saudi Arabia of UBP, Mishal Al-Hawas, added that serving the Saudi market implies filtering opportunities to fit the various regulatory requirements and client targets: “We are trying to filter these opportunities and make sure that they meet client requirements … The regulation for each country is different.”
UBP considers that its global platform will place the bank in a position to cater to Saudi customers in various sectors and risk profiles. Nadege Lesueur-Pene, head of wealth management, said the bank’s offering is comprehensive, adding: “We have expertise in almost all asset classes.”
