Deutsche Bank AG has poached three wealth managers from Credit Suisse Group AG in pursuit of ultra-rich clients in Saudi Arabia as the German lender strengthens its global private banking franchise.
A Geneva-based team from its Swiss rival will join Deutsche Bank’s offshore team on March 1. Consisting of industry veteran Jamal Abi-Chahine, Toufic Rizkallah and Giulio Ferri, the group will report to Ahmed Hammouda.
With the changes, Deutsche Bank is looking to target the kingdom’s ultra-high net worth individuals and entrepreneurs, according to Loic Voide, a Swiss banker who was appointed in 2020 as co-chief executive officer for the Middle East and Africa and has been in charge of wealth management for the same region since 2018.
“We want to beef up our Saudi coverage for private banking,” he said in an interview. “We are actively looking to bring in people that have the ability to diversify our client base.”
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