Arab Bank Switzerland adds a crypto twist to its UAE expansion

Arab Bank Switzerland opened an ADGM office to advise financial institutions, family offices, and wealthy clients on digital assets, according to a company announcement published by ADGM. The new entity secured regulatory approval to advise clients on accessing, holding, managing, and transferring digital asset holdings, with former HSBC Private Bank executive Valérie Noël (LinkedIn) appointed CEO.

The bank is splitting its UAE offering across two financial centers. Its Dubai International Financial Center office, launched in June, focuses on traditional wealth management, while the new ADGM operation will handle digital-asset advisory. The bank has offered cryptocurrency custody and trading in Switzerland since 2019 and manages close to USD 25 bn globally.

It isn’t the only Swiss wealth manager setting up shop in ADGM: Swiss private bank Maerki Baumann opened its first overseas office in ADGM earlier this year, targeting blockchain and Web3 businesses.