UAE: Swiss private bank Lombard Odier will shut its Abu Dhabi office and continue serving clients from its base in Dubai’s financial district, Bloomberg reported. Staff in the capital have been offered transfers to Dubai or Switzerland. The move, confirmed by the bank, is part of an optimization of its global footprint, consolidating its UAE operations. The exit contrasts with global peers expanding in the Abu Dhabi Global Market, where competition for office space is intensifying.
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