Prime Highlights
- Arab Bank Switzerland launches ABS (Middle East) Ltd in DIFC, naming Samir Atitallah as CEO.
- The group manages nearly $25 billion in assets under management following decades of growth and acquisitions.
Key Facts
- Samir Atitallah previously served as CEO of Mirabaud Middle East before joining ABS (Middle East).
- Michel Sarfati joins as head of family offices after setting up the segment at First Abu Dhabi Bank.
Background
Arab Bank Switzerland, the Geneva-headquartered private banking group, has launched its ABS (Middle East) Ltd business in the Dubai International Financial Centre. The group called the move the next step in its strategy to build a strong and scalable presence in the Middle East.
The new operation is meant to bring the bank closer to the entrepreneurs, family offices and high net worth individuals it has served across the region since the 1960s, the company said in a statement.
Wahbe Tamari, chairman of the boards of Arab Bank Switzerland and ABS (Middle East), said the UAE stood as a strategic hub for the future of the group’s wealth management business.
He said the bank was building a platform for long-term development, backed by strong governance, experienced leadership and the values that have guided Arab Bank Switzerland for decades.
As part of the launch, the group named Samir Atitallah as CEO of ABS (Middle East). Atitallah previously served as CEO of Mirabaud Middle East, based in Dubai.
Among the first key appointments, Michel Sarfati has joined ABS (Middle East) as head of family offices. Sarfati previously worked at First Abu Dhabi Bank, where he set up the family office segment within investment banking.
Arab Bank Switzerland was set up in 1962 and has grown through acquisitions, including that of Swiss bank Gonet in 2022. The group now manages close to $25 billion in assets, a mark of its steady growth in private banking and wealth management over the years.
