Liechtensteinische’s Landesbank (LLB) is pulling out of the Gulf region and directing its clients to Rothschild & Co, according to people familiar with the matter. The move underscores the shifting landscape for European private banks in the Middle East, where competition among global wealth managers has intensified.
LLB had been operating in the Gulf to tap into the region’s growing demand for wealth and asset management services. However, the bank has decided to wind down its operations, citing strategic focus on core markets in Liechtenstein, Switzerland, and Austria. Clients in the Gulf are being advised to transition their accounts and services to Rothschild, which is expanding its presence in the region.
The decision reflects broader consolidation trends as boutique and mid-sized European banks face mounting costs and regulatory pressures, leaving larger international firms to compete for Gulf wealth management business.
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