LGT Group, the Liechtenstein-based private bank, is setting up its operations in Dubai, three sources familiar with the matter said, the latest private bank seeking to expand its footprint and attract business from rich Middle Eastern clients.
LGT, which managed assets worth 86.9 billion Swiss francs ($90.2 billion) at end-2011, has hired at least six private bankers from Swiss rival Clariden Leu for the business, two of the sources said, speaking on condition of anonymity as the matter has not been made public.
Credit Suisse, Clariden's parent, decided last year to integrate the private bank into its own organisation as part of a cost-cutting programme.
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