As part of its international growth strategy, LGT is setting up a subsidiary in the Middle East, based in Dubai, to be called "LGT (Middle East) Ltd.". The unit will cater to private banking clients across the GCC, East Mediterranean, Turkey, Africa and South Asia. LGT has appointed Tamer Rashad CEO of LGT Middle East.
Tamer Rashad was hired from Bank of America Merrill Lynch where he was Managing Director and head of its Middle East Wealth Management business. He holds masters degrees from the London Business School and the University of Surrey and will be based in Dubai, reporting directly to Thomas Piske, CEO of LGT Private Banking. Thomas Piske said: “I am delighted that we have been able to attract such a proven expert as Tamer Rashad to head up our Private Banking Middle East business. He knows the region very well and his experience will help us strengthen existing client relationships and rapidly develop our business.”
LGT Middle East will be headquartered in the Dubai International Financial Center (DIFC), and will serve clients from its offices in Dubai, Bahrain, Geneva and Zurich. Subject to approval by the Dubai supervisory authorities, it will begin operations in the 4th quarter of 2012. LGT Middle East will also cover the non-resident Indian and Subcontinent markets. Heading up this business is Mannan Adenwalla, who will report directly to Tamer Rashad. Mannan has more than 20 years of industry experience in the region and was most recently responsible for de-veloping and overseeing Clariden Leu Asset Management in Dubai.
LGT Group has a unique global position as an owner-managed private bank. H.S.H. Prince Max von und zu Liechtenstein, CEO of LGT Group, commented: “Our services are generating a great deal of interest in the Mid-dle East. With a strong local presence, we can now make our innovative investment solutions more accessible to new client groups in this rapidly growing region.”