Union Bancaire Privée (UBP) has opened a new office in Saudi Arabia, appointing Mishal Alhawas as chief executive, as the Swiss private bank joins global rivals expanding in the kingdom’s fast-growing wealth management market.
Union Bancaire Privée (UBP) has opened a new office in Saudi Arabia, marking a significant step in its long-standing expansion across the Middle East. The Geneva-based private bank has appointed Mishal Alhawas as chief executive and head of advising for the kingdom, underscoring its commitment to building a strong presence in one of the world’s fastest-growing wealth management markets. Mohamed Abdellatif, co-head of Middle East and Africa at UBP, described Saudi Arabia as a strategic market for both the bank and its clients.
The move comes as Saudi Arabia accelerates efforts to diversify its economy away from oil and position itself as a regional financial centre. For decades, wealthy Saudis have channelled much of their wealth into offshore banking hubs such as Switzerland, but the government’s reforms are encouraging greater onshore investment. UBP’s announcement follows similar moves by other global financial institutions. Goldman Sachs recently began rolling out onshore private banking services in Riyadh, transferring senior executives from Dubai and hiring new staff locally. Deutsche Bank has also shifted senior private bankers to the Middle East, with a particular focus on Saudi Arabia, the region’s largest economy.
UBP has been active in the Middle East for more than twenty years, initially serving clients from Switzerland before opening its Dubai office in 2011. Today, the bank manages more than CHF 15 billion (approximately £13.4 billion) in assets for clients in the region, supported by a team of over 40 professionals on the ground. Globally, UBP employs around 100 staff and continues to strengthen its footprint in key financial centres.
Founded in 1969 and headquartered in Geneva, Union Bancaire Privée is one of the world’s largest family-owned private banks. It is led by Chief Executive Officer Guy de Picciotto and offers a wide range of services including wealth management, asset management, estate planning, securities trading and treasury management. Known for its entrepreneurial spirit and conviction-driven investment approach, the bank has built a reputation for expertise in alternative investments and a strong commitment to responsible asset management.
In its latest financial results, UBP reported a 15% rise in group profit to CHF 257.4 million, with client assets increasing by more than 10 per cent to CHF 154.4 billion. The growth was driven by favourable market conditions and net inflows from private clients. The bank has also continued to expand its responsible investment strategies, publishing annual sustainability and corporate responsibility reports to highlight its environmental, social and governance commitments. Alongside its new Riyadh office, UBP has reinforced its presence in the United Arab Emirates and other Gulf markets, signalling its long-term confidence in the region’s wealth management potential.
With Saudi Arabia’s financial sector opening rapidly, UBP’s expansion places it among the first wave of private banks positioning for growth in the kingdom. As competition intensifies, the bank’s family-owned structure and long-standing expertise in wealth management may prove valuable in attracting high-net-worth clients seeking both global reach and local presence.
