Liechtensteinische Landesbank (LLB) Withdraws from UAE, Refers Clients to Rothschild & Co
Liechtensteinische Landesbank (LLB) (LLBN.S) announced on Tuesday that it is withdrawing from the United Arab Emirates. The bank will refer its Gulf clients to Rothschild & Co, according to separate statements from both firms.
The agreement covers private banking clients in Dubai and Abu Dhabi, where LLB is closing its offices. LLB will recommend Rothschild & Co Bank AG as the future partner for clients in the region. The referred assets could be worth about 1 billion Swiss francs ($1.25 billion).
Rothschild & Co plans to keep all 20 current LLB employees in the UAE. The bank will also take over LLB’s existing Dubai office. After the integration, Rothschild & Co’s Middle East wealth management team, led by Sascha Benz, will grow to around 25 people.
This move reflects a trend of consolidation among wealth managers and a shift in offshore hubs, with the UAE emerging as a key private wealth center after the pandemic. Meanwhile, smaller European banks face rising compliance costs abroad.
Founded in 1861, LLB is majority-owned by the Principality of Liechtenstein and operates in several European markets. Rothschild & Co continues to expand its global wealth management presence, including in the Middle East.
