EFG International opens advisory office in Dubai
EFG International has announced that it will be expanding its footprint in the Middle East with the establishment of a new presence in Dubai, United Arab Emirates, having received the necessary regulatory approvals from the Dubai Financial Services Authority.
The opening of the new presence in the Dubai International Finance Centre (DIFC) is in line with the Bank’s growth strategy, with the new office set to increase EFG International (EFG)’s exposure to markets with long-term growth potential. The UAE is already an important market for EFG, and the new presence will enhance its ability to serve the region’s HNWI client segment by providing advisory services from the DIFC, as well as capture important market opportunities.
EFG is also announcing the appointment of Sascha Pietrek, who will head EFG’s Dubai presence. Pietrek is described as an experienced professional in a press release by EFG, having held a number of managerial positions over the course of his distinguished career.
Prior to his appointment to EFG, Pietrek worked at Deutsche Bank, having beef affiliated with Deutsche since 2001; he last worked as Managing Director for the Middle East & Africa region and Market Head for the Kingdom of Saudi Arabia, a role he held from 2015-onwards.
Between 2004 to 2013, Pietrek served in various management positions at Deutsche Bank Switzerland. Drawing on his broad knowledge of the regional and international private banking sectors, he will be responsible for launching EFG’s operations in the DIFC and further developing the bank’s presence in the Middle East. He will report to Adrian Kyriazi, Head of EFG’s Continental Europe and Middle East Region.
Giorgio Pradelli, Chief Executive Officer of EFG International, said of the expansion that “We (EFG) are progressing well with our 2022 strategic plan. As part of this, the opening of our presence in Dubai is another important milestone to strategically enhance our international footprint across markets which offer a significant long-term growth potential for EFG. Our distinctive value proposition, with its keen focus on clients, combined with our global expertise and in-depth local knowledge, will enable us to provide superior services to our clients in the Middle East.”
Kyriazi offered further comment, saying that “With the launch of our new advisory office in Dubai, we are convinced that we will be able to capture new growth opportunities in the region. Building on our already successful operations in Bahrain, we have all the necessary expertise – combined with our extensive in-house products and service offering – to ideally cater to clients’ needs. We are particularly pleased to welcome Sascha Pietrek to EFG. I look forward to working with him. His deep understanding and experience of the international and regional private banking market will bring great benefits for EFG and for our clients.”
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