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Lombard Odier Abandons Abu Dhabi Amid Rare Private Bank Exit
ByAinvest
Friday, Aug 22, 2025 8:34 am ET1min read
Lombard Odier is shutting its Abu Dhabi office, a rare withdrawal from the UAE capital despite other financial firms pouring in. The Swiss private bank will continue to serve clients from its Dubai office, and staff in Abu Dhabi are being offered positions in Dubai or Switzerland. The decision contrasts with efforts by global banks to sharpen their focus on the Middle East's wealthy.
Lombard Odier, a prominent Swiss private bank, has announced the closure of its Abu Dhabi office, a rare move in the region as many financial firms are expanding their presence. The decision, according to sources familiar with the matter, marks a departure from the trend of increased financial activity in the United Arab Emirates' capital.The bank will continue to serve clients in Abu Dhabi from its office in neighboring Dubai's financial district. Staff in the Abu Dhabi office are being offered positions in Dubai or Switzerland. Lombard Odier representatives declined to comment on the decision [1].
This move stands in contrast to the broader trend of global financial firms establishing or expanding their operations in Abu Dhabi. UBS Group AG, for instance, is opening an office in the city, while Citigroup Inc. is hiring private bankers in the region. Azura Partners, a wealth management firm founded by a former Julius Baer executive, is relocating its headquarters from Monaco to Abu Dhabi [1].
Lombard Odier had established its presence in Abu Dhabi in 2019 and obtained its Category 4 license in the Dubai International Financial Centre (DIFC) in 2023 [1]. The bank's decision to close its Abu Dhabi office highlights the competitive nature of the financial landscape in the region, where firms are vying for prime office space and a foothold in the city's burgeoning financial hub, ADGM.
References:
[1] https://www.bloomberg.com/news/articles/2025-08-22/lombard-odier-to-shut-abu-dhabi-office-in-rare-private-bank-exit
[2] https://www.ubs.com/global/en/wealthmanagement/who-we-serve/switzerland-home-of-wealth.html
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